VA home loans are a unique way of extending support to the US war veterans, who committed their lives in safeguarding the interests of the country. Therefore, understanding these loans is beneficial. VA housing loan program provides financial assistance to veterans so that they can purchase home at a favorable rate of interest and convenient loan terms. Loans provided by the VA are fixed<!--interest mortgage loan that do not require any down payment. These loans are provided to all eligible veterans, regardless of their age, color, race, sex, religion, familial status, nationality or handicap.
No prepayment penalties and long amortization terms are another advantage of these loans. Houses provided under VA housing loan programs are duly inspected at the time of construction and require a warranty from the builder. The foremost step is to locate a suitable-->property in a safe locality. Next, the veteran has to go to a lender and apply for a home loan. VA guaranteed loans are provided by private lenders that include banks, mortgage companies and savings and loan associations. No prepayment penalties and long amortization terms are another advantage of these loans.
· 1 decade ago