Windermere Re Utah - Park Ave
Jim Kelley, Windermere Re Utah - Park AvePhone: (435) 901-1262
Email: [email protected]

5 Different Loan Options for Veterans

by Jim Kelley 02/24/2025

For U.S. military veterans, there are many financing options available for buying a home. What's typically called simply a "VA loan" can actually mean multiple specific types of loan. Depending on your situation, you might find one more helpful than the other. Here is a basic guide to the different types of loans available to veterans:

VA No-Down-Payment Loans

Loans offered by the VA are the only government-backed mortgages without a down payment requirement. With can save you thousands of dollars regardless of income or credit history. In some cases, you can combine a VA loan with your entitlement bonus to save even more.

VA Supplemental Loans

Supplemental loans are there to help you with home maintenance projects. The VA offers supplemental loans to qualified borrowers and will allow you to add the amount to your current loan or take out a separate loan depending on your preference.

VA Renovation Loans

Renovation loans are perfect for veterans who want to buy a fixer-upper and finance the remodeling and repair expenses. A VA renovation loan will help you do exactly that--plus, you can usually finance up to the entire value of the home, which is more than other types of home improvement loans allow.

VA Energy-Efficient Loans

The VA offers special mortgage programs to promote installation of green systems or appliances. You can finance several thousand dollars worth of expenses for installing features like solar panels, tankless water heaters or low-flow plumbing fixtures. Not only will this kind of loan help you with the upfront costs, you'll end up saving money on your utility bills going forward.

VA Construction Loans

Similar to renovation loans, construction loans from the VA will help you build a brand new house without a down payment. This type of loan comes in two types depending on logistics. One option combines the coverage for building the house and the ongoing loan, while the other splits it into two separate loans. Consult with a financial advisor or VA lender to determine which option works best for you.

About the Author
Author

Jim Kelley

Originally from upstate New York, I moved to Park City soon after college to spread my wings and explore the western United States, taking full advantage of the world class golf courses, beautiful mountains and the greatest snow on earth. 20 years later I am grateful to still call Park City home.

Client experience is my #1 objective. I have a passion for helping people realize their perfect Park City experience. My 22 years of resort management provided me with tremendous opportunity to work with so many different people from all over the world, delivering the services and experiences they desired and facilitating them to take advantage of all Park City has to offer.

Having played, worked and raised three children in Park City, my knowledge runs deep of the community and its surrounding areas, and all they have to offer. I am confident I can help you to find your next dream home in this wonderful community.