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What is a VA Loan?
Since 1944, VA home loan guarantees have been used to buy close to 20 million homes. VA does not make the loans. VA guarantees the loan, which minimizes risk to the lender and reduces their loss in the event of foreclosure.  A VA loan can be used to purchase an existing home (house,condo or townhome) OR one under construction.  A VA loan can also be used to refinance an existing mortgage.  VA no longer establishes a maximum interest rate. Rather, VA loans are guaranteed at an interest rate agreed upon by the buyer and the lender. Discount points, which are used to buy down an interest rate, are negotiable and may be paid by the buyer or seller. In order to be eligible to qualify for a VA loan, a person must be active duty military or must have been honorably discharged.  Reservists also have eligibility, but there are some restrictions.  Many military men and women would not be able to make their dream to own a home a reality if it weren't for the VA Loan benefit. There are no restrictions on the number of times one may obtain a VA home loan.  There must be however, enough entitlement to ... more

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