There are several benefits program under the VA loan program. First, there are loans to help eligible veterans or surviving spouses purchase a home. VA loan rates are very competitive, often less than the private market. Most of the time, there is no requirement for a down payment of private mortgage insurance. Additionally, if a veteran is disabled, the points are also waived. There is Cash out Refinance program which provides veterans with cash from the equity of their home. This money can be used to pay off debt, make home improvement, or fund schooling.
The VA also has an Interest Rate Reduction Refinance Loan (IRRRL) that is a type of streamline refinancing. This program can help a veteran obtain a lower interest rate by refinancing their current VA loan. The Native American Direct Loan (NADL) provides eligible Native American veterans money to finance the construction, purchase, or improvement of homes which are located in Federal Trust Land. This program may also be used to lower an existing VA interest rate.
The Adapted Housing Grants program provide veterans with a total and permanent service-connected disability to build or purchase a home adapted to accommodate their needs. The money may also be used to modify an existing home.