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What is a VA loan?

The guarantee VA provides to lenders allows them to present more favorable terms, including:

No down payment up to $453,000 as long as the sales price doesn’t exceed the appraised value.
No private mortgage insurance premium requirement.
VA rules limit the amount you can be charged for closing costs.
Closing costs may be paid by the seller.
The lender can’t charge you a penalty fee if you pay the loan off early.
VA may be able to provide you some assistance if you run into difficulty making payments.
You don’t have to be a first-time homebuyer.
You can reuse the benefit.
VA-backed loans are assumable, as long as the person assuming the loan qualifies.

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Available to veterans and active military members, VA loans are easier to qualify for than conventional mortgages. These home loans are made through private lenders and are guaranteed by the Department of Veterans Affairs, so they do not require mortgage insurance. A VA funding fee may be required and rolled into the loan depending on your Certificate of Eligibility.

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