VA Home Loans
VA loans are a great benefit for eligible veterans, their surviving spouses, and service members. They give you the opportunity to qualify for a low-cost mortgage when you’re looking to purchase or refinance, even if your credit isn’t perfect.
If you currently serve in the military or are a veteran, you are probably eligible for a VA loan. Here’s what you need to know about these special government-backed loans.
What are VA Home Loans?
VA loans are a type of home loan that mortgage lenders issue to qualified veterans, active service members and spouses. They’re backed by the government through the Department of Veterans Affairs (VA). Because of this backing, lenders often issue loans to candidates that could otherwise be considered risky.
How do VA Home Loans work?
An important thing to note is that the VA does not issue VA loans, but they do determine who qualifies for one and which lenders can issue them.
VA loans offer many rewards over conventional loans, including lower interest rates, more tolerant borrowing requirements and no down payment due at closing for qualified borrowers.