Getting VA Loans: Types, Myths, And Truths
US veterans and service members have sacrificed a great deal for the country. As a form of appreciation for their services, they often have incredible benefits and perks from the government, including a VA loan that helps them purchase a home or refinance an existing one. Here, you’ll learn more about the types of VA loans. This article also sheds light on common VA loan myths and misconceptions and the facts about this program. Understanding VA Loans A VA loan is a home-financing option exclusively offered to eligible veterans. A VA loan is ideal because it provides up to 0.5% lower interest rates than conventional home loans and doesn’t require any down payment. The US Department of Veterans Affairs partners with local private lenders to issue VA loans to qualified veterans and service members. Generally, the VA sets a specific percentage guarantee for a VA loan. This assures the lender that a portion of the loan will be paid if the bor...