VA Loans for Veterans

VA Guaranteed Home Loans for Military

VA Loans are guaranteed loans for veterans that are made by private lenders, such as banks, savings and loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you fail to repay the loan. The VA Loan guaranty replaces the protection the lender normally receives by requiring a down payment, allowing military personnel to obtain favorable financing terms on loans


What are the limitations of VA Loans for Veterans?

The VA cannot guarantee that a home is free of defects, but the it must meet certain criteria set by the government, but guarantees only the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The appraisal for a VA Loan is not intended to be an "inspection" of the property, so you should seek expert advice (a qualified residential inspection service), as necessary, before legally committing to a purchase agreement.

If you have a home built, the VA cannot compel the builder to correct construction defects although the VA does have the authority to suspend a builder from further participation in the home loan program. Although the VA can facilitate loans for veterans they, cannot guarantee that you are making a good investment, and cannot provide you with legal services.

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