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What is a VA mortgage?

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What is a VA mortgage?

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These types of loans are available for US Military Veterans only. The advantages for Veterans are the more liberal credit guidelines and no down payment requirements. The Veteran must obtain a Certificate of Eligibility from the Veterans Administration in order to qualify.

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A VA mortgage is a guaranteed loan made by banks, savings and loans, or mortgage companies to eligible veterans for the use of purchasing a home. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty also allows you to purchase the home without a down payment.

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