A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. VA loans offer up to 100% financing on the value of the home.
A VA Loan is issued by a private lender and guaranteed by The Department of Veterans Affairs. They establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default. Due to the backing from the VA it reduces the risk to the bank, and as a result, the bank can grant these loans more easily with no down payment.
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