What is a VA Loan?

Portrait of U.S. army soldier and his little daughter outside their home.

A mortgage loan is available to current service members and to veterans who meet time-in-service requirements. The VA loan is issued by private mortgage lenders and guaranteed by the Department of Veterans Affairs.. This means the  lender lends the funds and the VA guarantees a portion of the loan. This protects the lender in case of default by the buyer.  The loan has amazing benefits, including no down payments and no private mortgage insurance.

If you have served 90 consecutive days of active duty service during wartime or 81 days of active duty during peacetime, or if you’ve got more than 6 years of service in the National Guard and Reserves or you are the spouse of a service member who’s died in the line of duty or as a result of a service-connected disability, you may be eligible for these benefits.

Details are available at www.veteransunited.com

 

 

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