Things To Know
- The VA home loan program is not just for first-time homebuyers.
- The benefit can be reused over and over.
- A VA backed loan may be assumed as long as the buyer qualifies.
- The VA does not generally get involved in the loan approval process.
- The VA does not lend service personnel money, but agrees to “stand behind” a portion of the home loan made by banks and mortgage companies.
- The VA loan guarantee, (created to cover possible losses to the lender) essentially takes the place of private mortgage insurance.
- The VA loan is approved for the purchase of many types of properties besides a site-built home including, a condominium, mixed-use property, multi-family unit, manufactured or modular home.