Here we break down what a VA loan is and how it can help you. What is a VA loan? A VA loan is a mortgage that is made by private lenders, but partially backed by the Department of Veterans Affairs.
Veterans, active military personnel, and military families can follow these steps to get a VA loan: Make sure you are eligible for a VA loan. Check the VA website for a detailed list of eligibility requirements for military service members, veterans, and military spouses. Find a lender that participates in the VA home loan program.
This financing phenom is the Department of Veterans affairs’ home loan guaranty program. At a time when federal regulators are considering imposing a 20% minimum down payment requirement for most.