A Veterans Affair (VA) Loan is a home loan designed to help finance homes for Veterans, eligible members of the military, and in some cases, surviving spouses. A VA Loan is guaranteed by the government but made by qualified lenders such as banks or independent mortgage companies. Because the loan is guaranteed by the government, lenders can approve borrowers with more flexible lending standards. In many cases, it also allows for no down payment, or a lower down payment than other conventional loan options.
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