What Is a VA Loan and how it works? Here is what you need to know in general.
For those, somehow related to the families with a military member, active or veteran, as a friend or relative, VA loan might be a familiar word, but why?
It might be because, at some point, you might envy them since they have the advantage to apply for this type of loan!!! That is to say, VA loan has generous terms, like having no down payment or no prepayment penalties and mortgage insurance plus getting a competitive interest rate! VA is offered through the Department of Veterans Affairs (VA), and the active and veteran service personnel or their surviving spouses are eligible for that. So, if you are from this group you must consider getting a VA loan to become a homeowner. However, you should bear in mind that the funding fee increases after applying for a VA loan more than once!