A VA loan is a mortgage loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. Image File history File links Vahome1. ... A mortgage is a method of using property as security for the payment of a debt. ... The United States Department of Veterans Affairs (VA) is a Cabinet department of the United States government responsible for administering programs of veterans benefits for veterans, their families, and survivors. ...
The VA loan was designed to offer long-term financing to Americanveterans or their surviving spouses (provided they do not remarry). A veteran refers to a person who is experienced in a particular area, particularly referring to people in the armed forces. ...
The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.
Veterans Administration Home Loan Guaranty Services
Understanding the VA Loan
Categories: Economics and finance stubs | Real estate | Retail financial services | United States Department of Veterans Affairs
For most loans for new houses, construction is inspected at appropriate stages to ensure compliance with the approved plans, and a one-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications.
VA direct home loans are available to eligible Native American veterans who want to buy, build or improve a home a home on Native American trust land or simultaneously purchase and improve a home.
VA direct loans may be limited to the cost of the home or $80,000, whichever is less.
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