What is a va home loan?

Not Financial Advice: VA loans are home loans for the acquisition of a primary residence available to consumers who have served or are presently serving in the U.S. military. While the Department of Veterans Affairs (VA) does not offer money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans who qualify.

Who Is Eligible for a VA Loan? Veterans, Active-duty personnel, Reservists/National Guard members, and Some surviving spouses.

Veterans can submit an application for a VA loan with any mortgage lender that participates in the VA home loan program, but will need a Certificate of Eligibility from the VA to prove to the lender they are eligible for a VA loan. Lenders can also get the documentation on behalf of their clients.

The Federal Savings Bank, an institution specialized in VA home loans, has been informing its eligible veteran applicants, that aside from benefiting from the VA loan guaranty, they may also stand to benefit from the appraisal process and easy refinancing. Find out more here.