Insured by the U.S. Department of Veterans Affairs, VA loans are available to active duty or military veterans. These loans do not require a down payment or monthly mortgage insurance and can be used to either purchase or refinance a home.
Qualifications: Must be an active duty or military veteran and meet length-of-service requirements.
Benefits: No down payments or monthly mortgage insurance VA loans provide 100% financing, or no down payment requirements, for active or military veterans. These loans can be used on either the purchase of a new home or the refinancing of a current home.
Excellent interest rates Since VA loans are guaranteed by the U.S. Department of Veterans Affairs, it can be offered with many cost savings not typically associated with a no down payment program, such as no monthly mortgage insurance and low interest rates.
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