What is a VA Loan?
The VA loan is a $0 down payment mortgage option available to Veterans, Service Members, and eligible surviving spouses, which can be used to purchase or refinance a primary residence. VA loans are eligible to purchase or refinance a single-family home, townhouse, condo, or manufactured home. VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA), which has been offering this program since 1944. With the VA backing a loan, a borrower’s risk profile is decreased, opening the door to excellent interest rates and terms. This benefit is the VA’s way of thanking veterans for their service to our country. In most cases, if you are eligible for VA loan, it’s hands down the best loan option when compared to other loan programs, VA normally has a lower interest rate, no down payment required and a lower monthly payment.