We all know that most of us need a mortgage in order to buy a house. We go to a lender and complete all necessary paperwork and then we can purchase the house, paying back the mortgage money that was leant to us in monthly installments.
A VA loan, then is a mortgage loan that is guaranteed by the US government and for the use of American vets, military members, currently serving members and select surviving spouses of members. Veterans can then use this mortgage to purchase a single family home or a condominium, multi unit properties, manufactured homes or a new construction property.
While it the office of Veterans Affairs that financially guarantees the loans that qualify and who set the rules for who can qualify and when, and makes the guidelines the money does actually come from the government, but instead from any qualifying lender (bank or other … Read More