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What is Va loan?

If you have not heard about VA loan, you must be very new to the mortgage used in US to mean Veterans Affairs. This is a whole department which is licensed by law to issue the loan to qualified person.  What is this loan all about and why is it issued? These among others are the questions that we be answered in this article.

Long term financing

To start with, this is not a short term but a long term loan issued to the deserving persons. Who are the deserving persons? Will, in this case, these are the veterans who in America are persons who fought in the world wars and brought medals and honours to the great nation that is America. They are the returning service members who would like to rebuild their homes. The mortgage comes handy to the old men and women who need a boost through the VA loan. As you would imagine, these are old people by any standard, well into their late stages of life.

Suppose you die?

If you are a veteran and dies, your spouse is eligible to apply and get the loans they need. But there is a catch: you must not remarry. If you are the surviving spouse, then to qualify, you must not consummate a marriage is will defeat the very existence of the VA loan.

Fixed rate or ARM?

You can have the loans through a fixed rate charge or the ARM without inclusion of the monthly insurance. There is also the option of the interest rate reduction refinances or IRRR which is designed to help the veterans who simply want to lower the interest rate without having to undergo the usual appraisal.

The benefits

All along, you may have been wondering if for whatever reason, the VA loan has any benefit to the applicant. Well, the truth of the matter is that this loan comes with immense benefits to the applicant in the following ways.

Home loan guaranty

There is a guarantee to you as a veteran or as spouse of the veteran that you will get the loan.

Housing program

There are housing programs that are related to the loan but which come as an auxiliary benefit when you take this loan. These can be broken down further into:

Ability to buy

If you could not have afforded a house, now you will be able to buy a ready one as a veteran and have a head start in life.


If you already have a house, you will be able to carry out minor to major repairs to the house. This is important especially for those who want to retain their homes in good state.


You may also find that retaining a house is huge benefit for those who are first time owners of a house.

Adapting a home

If you live in a house that does not belong to you, you will find that there is need to adapt it and make it yours legally through this loan. The personal occupancy will come into force.

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