VA LOAN: A MORTGAGE FOR VETERANS
Defination- A VA loan is a mortgage provided by the United States Department of Veterans Affairs. Active and retired military personnel, as well as their surviving spouses, can apply for VA loans, which are backed by the federal government but issued by private lenders. Active duty personnel, veterans, and their surviving spouses can all benefit from VA loans. They offer up to 100 percent financing on a home's value. A VA loan can be used to buy or build a home, improve and repair a home, or refinance a mortgage for eligible borrowers. How Does VA Loan Works? The VA establishes the eligibility requirements, determines the conditions of the mortgages available, and backs the loan, but it does not provide the funds. Instead, private lenders such as banks and mortgage companies provide VA house loans. Borrowers must present a certificate of eligibility from the Veterans Administration (VA) when applying for a loan. You'll need to show service-related papers to acquire ...