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What is the difference between a FHA and a VA loan?

April 26, 2017difference FHA loan VA

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What is the difference between a FHA and a VA loan?

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A FHA loan is a loan guaranteed by the Federal Housing Administration. FHA issues specific guidelines for mortgages. A VA loan is a loan guaranteed by the Veterans Administration. To obtain a VA loan, the borrower must have served in the Armed Forces for a specific time period.