If you’re looking for a home, especially for the first time, you’ll likely hear about numerous mortgage options. Today, with the help of a recent article published by Ruby One, we’ll take a look at VA loans for veterans.
- A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA).
- The homeowner does not receive a mortgage loan directly from the VA. Actually, the VA provides loan guarantees to lenders, and the guarantee determines how much is paid to the lender should the borrower default on the loan.
- A VA guarantee allows the lender to loan money at a lower interest rate and eliminates the need for a borrower to make a down payment. It’s a zero down loan.
- VA loans assist active military members, veterans and eligible surviving spouses.
Please consult with your Realtor or mortgage lender to see if you are eligible for a VA loan … and thank you for your service to our country!