A VA loan is a type of mortgage in the United States that is backed by the U.S. Department of Veterans Affairs (VA). These loans can be provided by approved lenders and are intended to offer long-term financing options to eligible American veterans, as well as their surviving spouses, as long as they have not remarried.
VA Loans
Why a VA Loan?
According to the U.S. Department of Veterans Affairs, VA loans come with numerous advantages: no down payment is needed (unless specified by the lender or if the purchase price exceeds the property’s appraised value); buyers are provided with an appraisal of reasonable value; flexible interest rates… and more.
Who qualifies for a VA Loan? In general, most active-duty military personnel and veterans who were honorably discharged meet the eligibility requirements for a VA loan.
- Sellers can pay your closing costs.
- You never have to pay PMI (Private Mortgage Insurance).
- You can buy a home with no money down.
- They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
