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What Is a VA Loan?

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TERMINOLOGY

A VA loan is a type of loan that is backed by the Veterans Administration. Here are the basics of the VA loan and how it can be beneficial to borrowers.

VA Loans

If you are a veteran or are currently serving in any branch of the military, you can significantly benefit from the loan programs that are provided by the VA. With a VA loan, you will be able to work with a traditional lender; however, the loan is going to be backed by the Veterans Administration. In order to work with the VA, the lender is going to have to provide you with some specific advantages and services.

Benefits

One of the big benefits of getting a VA loan is that you will not have to come up with a down payment. You should be able to get 100 percent financing with this type of loan. In addition to that, you will be able to get qualified for a mortgage even if you do not have the best credit or a high income. This makes it possible for many people to get approved when they would not be able to be approved otherwise. You also will not have to pay for private mortgage insurance because the government is backing the loan for you.