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Most active-duty service members and veterans and some National Guard members and reservists can seek out home-related loans through the U.S. Department of Veterans Affairs (VA).
VA home loan programs may be used to finance the purchase of homes, condominiums or manufactured homes, refinance an existing home loan, or install energy-saving improvements. The three main types of guaranteed home loan benefits are:
• Purchase Loans
• Cash-Out Refinance Loans
• Interest Rate Reduction Refinance Loans
Qualified vets need suitable credit, sufficient income and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. Private lenders underwrite and fund VA home loans according to VA standards. VA's partial guaranty for these loans means that nearly 90 percent of all VA-guaranteed home loans are made with no down payment required.
If a VA-guaranteed loan becomes delinquent, the VA will work with the...
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