A VA home loan is actually a guarantee rather than a loan. The VA does not actually lend the money to the borrower, but promises to make good to the lender should the borrower default on the loan. This promise from the government helps many people get loans that they might not otherwise be able to get.
A VA loan also comes with some very helpful and cost saving aspects. Many veterans may not know that a VA loan carries with it caps for closing costs which can save the borrower a lot of money at closing time. The VA also allows for some leniency to qualified VA borrowers who are having temporary financial problems.
Some of the other benefits that a VA home loan offers include such things as longer terms of repayment, no down payment for certain cases, prepayment rights, and accurate assessments of the property value for the planned home. There are many other benefits as well.
There are some issues that VA loan borrowers should be aware of as they go through the process of buying a home. For example, when you buy a home through a VA home loan, the VA does not offer any type of guarantee that the house is free from defects. The VA will certainly do an...
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