Living in Jacksonville NC, and working as close as I do to Camp Lejeune, Camp Johnson, and Marine Corp Air Station New River, it makes sense that a vast majority of my clients are military or prior military. In my experience, every military person knows that they have access to a VA loan. However, to my surprise, they are not always told exactly what a VA loan does for them or how it works.
In response to this need, I have decided to do a series of blogs about VA loans, what they are, and how they work for you. The first thing that I will discuss is:
- What is a VA loan?
The VA loan began in 1944 through the GI Bill of Rights. This provides veterans with a federally guaranteed home loan with no down payment. VA guaranteed loans are made by approved lenders, like banks or mortgage companies, to eligible veterans for the purchase of a primary residence. The guarantee of a VA loan means that the lender is protected against financial loss in the event that the borrower fails to repay the loan. It replaces the protection that lenders would normally have by requiring a down payment. Essentially, this allows you to get a loan with no down payment, and often with a better interest rate.
Are you thinking about buying a home? If so, please feel free to contact me with any questions that you might have or find more information on my website at www.AlexisWithEXIT.com.
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