VA loan

From Real Estate

VA loans are mortgage loans guaranteed by the United States' Veterans Administration. These loans were originally designed to assist American veterans, or their surviving spouses, purchase homes. These VA loans act very similarly to FHA loans, as in that the United Stated Department of Federal Affairs acts as insurance to the lender if the borrower has any difficulties or problems making a payment.

[edit] Who can obtain a VA loan?

Only veterans of the United States military, or their widowed spouses, may obtain VA loans.

[edit] Benefits

• VA loans are, on average, less expensive than traditional loans.
• Usually offer better rates.
• More money can normally be borrowed at the beginning of the loan to pay various fees.

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