GoVa Loans, officially known as the VA Loan Program, differ from conventional mortgages in several significant ways. Unlike conventional mortgages, GoVa Loans typically do not require a down payment, offering more accessible homeownership. They often feature lower interest rates, reducing monthly payments and long-term costs. GoVa Loans have more lenient credit requirements and do not necessitate private mortgage insurance, while being backed by the U.S. Department of Veterans Affairs, making them more favorable to veterans and eligible service members.

Yes, non-veteran spouses of deceased veterans may be eligible for GoVa Loans through the VA’s Surviving Spouse Program. This program is designed to provide housing assistance to surviving spouses of service members who died while on active duty, as a result of service-connected disabilities, or due to other qualifying conditions related to their military service. It’s important for surviving spouses to meet the eligibility criteria outlined by the VA to access this valuable home financing benefit.

Yes, you can use a GoVa Loan for refinancing existing mortgages. The two primary types of GoVa Loan refinancing options are the Interest Rate Reduction Refinance Loan (IRRRL), also known as a Streamline Refinance, which simplifies the process by not requiring a new credit check or appraisal, and the Cash-Out Refinance Loan, which allows you to refinance your existing GoVa Loan while accessing additional funds in cash for various purposes.