What is a VA Loan?
The VA Home Loan Guaranty Program, better known as a VA Loan, is offered through lenders and backed by the Department of Veteran Affairs. Most veterans and active military men and women can get one, and the loan can be used to purchase, build or improve a home.
Some of the most recognized benefits of the loan include no down payment, no private mortgage insurance and easier qualification standards.
Who is Eligible?
You are eligible if you have served:
- For at least 181 days during peacetime (active duty)
- For at least 90 days during war time (active duty)
- In the National Guard or Reserves for at least 6 years
- You are also eligible if your spouse died while serving in the line of duty
There are other