What is a VA Loan?
A VA loan is a mortgage specifically for veterans, active-duty service members, certain members of the National Guard and Reserves, and surviving spouses of veterans. VA loans can be used to purchase a single-family home, multi-unit property, condo, manufactured housing, or new construction. To qualify for a VA loan, veterans and service members must meet basic time-in-service and character service requirements.
Key Features of VA Loans
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Competitive interest rates
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No down payment
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Flexible credit requirements
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Limited closing costs
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No prepayment penalty
VA Loan Eligibility
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Served 90 consecutive days on active duty during wartime
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Served 181 consecutive days on active duty during peacetime
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Served 6 years in the National Guard or Selected Reserve
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Served 90 days under Title 32 orders
Who Can Benefit From A VA Loan?
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Veterans and active-duty military personnel.
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Eligible members of the National Guard and Selected Reserves
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Surviving spouses of veterans who meet specific criteria
