What is a VA Loan?
A Veterans Administration (VA) loan can be used to help American servicemen or women and/or their spouses secure financing for a mortgage purchase. You can check with the Veterans Administration (through its website or through other information exchanges) to find out whether you are eligible given your service history. Only service members who have received honorable discharges and who have served 90 days or more may qualify for VA loans. Bear in mind that the Veterans Administration isn’t actually giving money towards your house or property. It provides a kind of insurance to lenders that you will make good on your obligation. If you get a loan for $144,000 or less, the VA will back you up to the tune of about $36,000 (this number may vary depending on the terms of your contract and agreement with the lender). If you take out a mortgage for more than $144,000, the VA will back you up with $60,000 worth of funds if you default. Bear in mind this money won’t go to your pockets — it wil
