Eligible borrowers:
Veterans and servicepersons

Eligible systems:
Solar thermal, PV, energy-efficiency measures

Loan Amount
Typically, up to $203,000

Terms:
15 to 30 years

Interest Rates:
Fixed

Collateral:
First mortgage to 100% loan-to-value plus cost

For more Info:
1(800) 848-4909
www.va.gov

U.S. Department of Veterans Affairs (VA) guarantees mortgage loans for veterans and service persons. The guaranty allows veterans to obtain home loans with favorable loan terms, usually without a down payment. A lender, such as a mortgage company, savings and loan, or bank, makes these loans. The VA mortgage loan guaranty program offers a guarantee on loans made to eligible veterans.

Veterans are able to negotiate the interest rate and terms of a VA loan. The loan amount depends on the borrower's income and the value of the property. Although VA has no maximum loan, lenders typically will not exceed $203,000 because of secondary market considerations. The local VA office can provide on guaranty and entitlement amounts.

A VA loan maybe used to buy a home, which includes a townhouse or condominium unit in a VA-approved project; to build a home; to simultaneously and improve a home; and to buy a manufactured home, or lot, or both. A VA loan may also be used to improve a home by installing energy-related features such as solar heating and cooling systems, water heaters, insulation, weather-stripping and caulking, storm windows, storm doors, or other energy efficient improvements approved by the lender and VA.

These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment offset by the expected reduction in utility costs. A refinanced loan my not exceed 90% of the appraised value plus the costs of the improvements. VA allows an increase in the veteran's mortgage amount for energy-related improvements, within certain limits and with appropriate documentation. A veteran may refinance an existing VA loan to retrofit a home with energy efficient measures. In new construction, a photovoltaic or solar thermal system can be included in the sale price of the home. Check with a lender or VA for details.

Information Provided by the U.S. Department of Energy

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