VA Loan
A VA loan is a mortgage loan in the United States guaranteed by the US Veterans Administration. The loan may be issued by qualified lenders. Available only to veterans possessing a Certificate of Eligibility.
Purchasing a home with a VA Loan is not as difficult as some lenders would like you to believe. VA Loans have significant benefits for our Veterans and should be considered when shopping for a home loan. There are a few pitfalls though. Generally, there are less fees, preferred interest rates and lower down payment requirements for this program, 100% financing available. But, a premium of up to 2 percent (depending on the size of the down payment) paid on a VA-backed loan - paid at closing or added to the amount financed.
A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge.
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