VA Loan


VA Loan

VA Loan

A VA loan is considered to be a home mortgage loan that is issued in the United States and is guaranteed by the U.S. Department of Veterans Affairs (VA). A VA Loan is a home or mortgage loan that allows for the purchase of a primary residence and is available to individuals who have served or are currently serving in the U.S. military. A VA Loan is currently available to veterans, active duty personnel, reservists/National Guard members, and some surviving spouses. The Department of Veterans Affairs (VA) does not lend money for VA loans; the VA backs the loans that are made by private lenders to the veterans who qualify.


A VA Loan has many benefits and here are just a few of them that have been taken from the Veterans Affairs site. A VA Loan can help you to purchase a home at a competitive rate without having a down payment or private mortgage insurance. A VA Loan is limited by the government in regards to the amount of closing costs and origination fees that lenders can charge a VA Loan borrower. A VA Loan allows the veteran the right to prepay without a penalty. Finally, a VA Loan can also be refinanced through a Streamline Refinancing Program, which allows veterans to refinance their VA Loan at little or no expense to them.