VA LOANS
Veterans Adminstration
VA - (Veterans Affairs) Loan
- VA guaranteed loans are provided by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In many cases, no down payment is required on a VA Guaranteed Loan and the borrower usually receives a lower interest rate than is ordinarily available with other loan programs. Veterans of the Armed Services, active duty, reservist or a spouse of a veteran are eligible.
- No down payment option available.
- Easier qualifying requirements.
- Interest rates may be negotiable.
- Closing costs are comparable and many times lower.
- No private mortgage insurance is required.
- Right to prepay loan without penalties.
- Counseling and assistance is available to veteran borrowers having financial difficulty or facing default on their loan.
