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Department of Veterans Affairs Loans (VA Loans)
VA loan programs are available to eligible veterans for the purchase of a home. The VA guaranty loans encourage lenders to offer loans to veterans by protecting lenders against loss if the borrower cannot make the payments. VA loans are particularly beneficial to those veterans that do not have much cash available. VA guidelines allow higher front-end and debt ratios compared to other loan programs.
VA loan benefits:
- No down payment requirement
- More favorable interest rates are frequently offered by lenders because of the VA's guaranty.
- Ability to finance funding fee
- No mortgage insurance premiums
- Maximum loan amount may be 100% of appraised value of home, determined by a VA-approved appraiser or up to four times the VA eligibility entitlement (currently $50,750 with a maximum loan amount of $200,300).
Click here to read more about the Department of Veterans Affairs (VA).