A VA loan is a type of mortgage loan guaranteed by the United States Department of Veterans Affairs (VA) that is available to eligible veterans, active-duty service members, and surviving spouses. VA loans are designed to help veterans and military families buy homes, refinance existing mortgages, or make improvements to their homes.
One of the main benefits of a VA loan is that it does not require a down payment, which can make it easier for eligible borrowers to purchase a home. VA loans also typically have more relaxed credit and income requirements compared to conventional loans. Additionally, VA loans do not require private mortgage insurance (PMI), which can result in lower monthly payments.
It’s important to note that while the VA guarantees the loan, it does not actually lend the money. Instead, VA-approved lenders, such as banks and mortgage companies, offer VA loans to eligible borrowers. Don’t hesitate to reach out to a loan officer with Valiant Mortgage today!