Category:
Financing
What is a VA Loan? 🤔
A VA Loan is a specific type of mortgage designed for American veterans, active duty service members, and select military spouses. 🎖️
Private lenders provide this loan, which the U.S. Department of Veterans Affairs partially backs. 🪙
The main advantage is that it enables eligible individuals to purchase a home without a down payment and without needing private mortgage insurance (PMI), typically mandated in conventional loans for down payments under 20%.
🏡 Furthermore, VA Loans frequently feature competitive interest rates and more flexible qualification criteria than traditional .
Veterans can also use these loans to refinance an existing mortgage or undertake home improvements. 🏚️