Originally posted on BEN LeBRUN:
The Department of Veterans Affairs makes available a special mortgage loan for veterans and active servicemen via its VA Loan Guaranty program.
More commonly called the “VA loan”, the loan guaranty program allows for no money down on a home; and never requires its borrowers to pay mortgage insurance. Plus, VA mortgage rates rates are extra-low.
Since 1944, the VA loan program has been used in more than 20 million closings, offering affordable homeownership to military borrowers nationwide; and providing low-cost, streamlined refinance programs for existing VA homeowners.
VA LOANS: REQUIRED DOCUMENTS FOR A PURCHASE
The VA Loan Guaranty program is more lenient as compared to conventional loans via Fannie Mae and Freddie Mac; or to FHA loans insured by the Federal Housing Administration.
The VA loan allows for lower-than-typical credit scores, and income verifications are often less strict. However, because VA loans are part of the benefits bestowed upon military veterans and active servicepersons…
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