"For many veterans and active-duty service members, VA loans are one of the most valuable benefits of military service . Backed by the U.S. Department of Veterans Affairs, these loans make homeownership more attainable through lower upfront costs, no private mortgage insurance, and flexible credit requirements. With Veterans Day right around the corner, it's a good time to highlight this powerful program and understand how it works. In this Redfin guide, we'll explain who qualifies, what the main benefits are, and how to make the most of your VA loan when buying or refinancing a home."
"While the VA doesn't lend money directly (except in rare cases), it guarantees a portion of the loan. This means if a borrower defaults, the VA will cover part of the lender's loss. Because of this guarantee, lenders can offer competitive interest rates and flexible qualification standards. The VA loan program was established in 1944 as part of the original GI Bill, designed to help service members transition to civilian life and build financial stability. Since then, it has helped more than 28 million veterans and their families buy, build, or refinance homes."
VA loans enable eligible service members, veterans, and surviving spouses to buy or refinance homes with favorable terms and often no down payment. The VA guarantees a portion of each loan, reducing lender risk and allowing competitive interest rates and more flexible qualification standards. The program began in 1944 under the GI Bill and has helped over 28 million veterans and families buy, build, or refinance homes. VA loans remove private mortgage insurance and lower upfront costs, and recent market trends show increased VA loan usage as buyers gain leverage and sellers accept lower down payments.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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