What Is A VA Home Loan?
Posted by @TopMortgageRate
What is a VA Home Loan?
VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.
As an approved lender for the VA Home Loan Guarantee Program, U.S. Bank can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don't meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.
Benefits and Considerations
Low or No Down Payment
A VA mortgage loan requires little or no money down at closing - a valuable benefit that's unique to the VA home loan program.
Lower Monthly Payments
Because the VA guarantees a portion of your loan, you won't need to pay mortgage insurance premiums - a significant monthly savings.
Simplified Approval Process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.
Read entire article on UsBank.com
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