Understanding VA Loans
For today's home buyers, there are only a few mortgage options which allow for down-payments of five percent or less. When purchasing a home at the Lake of the Ozarks , a VA mortgage is an attractive option for anyone who qualifies. The VA loan remains one of the few mortgage options for borrowers who don’t have the money for a down payment. Available to millions of veterans and active military members, VA loans are somewhat easier to qualify for than conventional mortgages. Let's take a look at what a VA mortgage is and some of the benefits of VA financing for qualified buyers . WHAT IS A VA LOAN? The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loans to help veter...