VA mortgages, like FHA mortgages, are loans that eliminate most of the risk of default to the lender. Like the FHA loans, the seller may be required to pay for certain costs and the loan itself is calculated favorably to the buyer. The VA mortgage also requires that the property pass an additional VA inspection. The VA is not the issuer of the money, but only the guarantor that the lender will not totally lose if the veteran defaults on the mortgage.
- What is a loan to value ratio and how does a loan to value ratio determine the size of my mortgage loan?
- Who can get a VA Guaranteed Mortgage Loan?
- What is the maximum VA Guaranteed Mortgage Loan that a veteran can get?
- What purposes can a VA Guaranteed loan be used for?
- When is a fixed interest rate loan better than a variable rate mortgage loan?