{"id":1302,"date":"2022-06-01T17:08:10","date_gmt":"2022-06-01T21:08:10","guid":{"rendered":"https:\/\/www.realtyhop.com\/mortgage-center\/?p=1302"},"modified":"2023-07-22T13:36:10","modified_gmt":"2023-07-22T17:36:10","slug":"va-loans","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/mortgage-center\/va-loans\/","title":{"rendered":"Everything You Need to Know About VA Loans"},"content":{"rendered":"

VA-backed loans offer some of the most advantageous mortgage terms for would-be homeowners. They include no down payment, low interest rates, lenient credit score requirements, low closing costs, and no mortgage insurance<\/a>.<\/span><\/p>\n

Here is everything you need to know about this loan, how to qualify for it, and how to buy a property using a VA-backed loan.<\/span><\/p>\n

What Is a VA-Backed Loan?<\/h2>\n

A VA loan is a mortgage issued by a traditional lender (such as a bank, credit union, or mortgage company) and guaranteed by the U.S. Department of Veterans Affairs (VA). In other words, the VA offers to pay back part of the loan if the borrower was to default.\u00a0<\/span><\/p>\n

This program is offered exclusively to members of the military, past and present, and their families. It is designed to encourage lending institutions to provide more advantageous terms to these categories and help them access affordable mortgages and housing. VA loans may be used multiple times, and borrowers can still qualify even with a history of foreclosure and bankruptcy.<\/span><\/p>\n

The VA home loan program was created in 1944 as part of the GI Bill of Rights. It has helped over 24 million service members become homeowners since then.<\/span><\/p>\n

Who Qualifies for a VA Loan?<\/h2>\n

VA-backed loans are offered exclusively to U.S. veterans, active-duty military personnel, and some surviving spouses. To qualify, you must satisfy the following requirements.<\/span><\/p>\n

Those who have served in the Armed Forces must meet at least one of the following criteria:<\/span><\/p>\n