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VA Home Loans: Benefits, Features, Types, Coverage

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.

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