A VA loan is a type of mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). It is available to eligible active-duty military personnel, veterans, and surviving spouses. The VA loan program was created to provide eligible borrowers with the opportunity to purchase a home with no down payment and favorable terms, such as lower interest rates and relaxed credit requirements.
To be eligible for a VA loan, you must meet certain service requirements, such as serving a minimum period of active duty or being honorably discharged, and you must obtain a certificate of eligibility (COE) from the VA.
The VA loan program offers several benefits, including:
No down payment: VA loans do not require a down payment, making homeownership more accessible for eligible borrowers.
Low interest rates: VA loans often have lower interest rates than conventional loans, making monthly payments more affordable.
No mortgage insurance: Unlike other loan programs, VA loans do not require mortgage insurance, which can add to the monthly payment.
Relaxed credit requirements: VA loans may have more relaxed credit requirements compared to conventional loans, making it easier for some borrowers to qualify.
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
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