| What is a VA loan? |
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A VA loan is a loan that is guaranteed by the Veterans Administration. I like to use the term insured by the VA since essentially that is what it does. A VA loan is not a loan from the VA; you will still need to qualify for the loan through a traditional bank. A VA loan is different in that it allows veterans to get loans at competitive interest rates without charging PMI private mortgage insurance. To qualify for a VA loan you must have previously served or currently be serving in the armed forces. To get your certificate of eligibility, fill out the VA form 26-1880 and bring it with you to the bank. You can read more about VA loans here. |
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