VA Loans are loans which are partially guaranteed by the U.S. Department of Veteran’s Affairs (VA). They offer long-term financing through a private lender, but, since they are guaranteed by the VA, they do not require mortgage insurance.
The benefits of a VA loan are that you do not need a minimum credit score, and they may not even require a down payment. They do, however, still require funding fees that vary depending on the down payment or the type of veteran.
Another advantage of a VA loan is that the VA will negotiate for the lender if the veteran is struggling to meet the minimum monthly payment. There is no guaranteed result, but it is nice to know that there is support when it is needed.
Veterans or members of the military, reserve, or National Guard are all eligible to apply for a VA loan. The spouse of a military member who died during active duty, or resulting from a service-connected disability may also be eligible.
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