A VA loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase and refinance single-family homes, condominiums, and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.
The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment. The VA loan program was established in the 1940’s and remains a great loan option for veterans today. With true 100% financing and no monthly mortgage insurance this is a great option for veterans.
For more information on being preapproved for a VA loan contact A Mortgage Boutique today and we can provide you more information or help you apply.