The VA Mortgage Is For Military Veterans & Active Duty
VA loans are mortgage loans for active duty members of the U.S. military, and veterans of the armed forced.
Home buyers who qualify for a VA loan get access to a no-down-payment mortgage with below-average interest rates.
VA loans are backed by the Department of Veterans Affairs.
The loan dates back to 1944 with the passage of the G.I. Bill. The law rewards military veterans, and helps them purchase homes inexpensively.
When you use a VA loan:
- Down payments are optional
- Interest rates are lower than for conventional loans
- Mortgage insurance is never required
Additionally, veterans who receive disability compensation can claim a closing costs reduction.
VA loans can be used for buying detached homes, condominiums, and multi-unit properties. Home buyers can choose from fixed-rate and adjustable-rate mortgages.
The program is available to members of the National Guard, Reservists, Cadets, Midshipmen, and the surviving spouses of veterans, too.
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