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VA Home Loans are Similar to FHA Loans

Posted on May 04 By MLP Lending Guide

If you are a United States veteran, there are specific programs created specifically for you to assist you in becoming a homeowner. VA loans are mortgage loans guaranteed by the Veterans Administration. These loans were originally designed to assist American veterans, or their surviving spouses, purchase homes.

These VA loans act very similarly to FHA loans, or Federal Housing Administration loans, as in that the United Stated Department of Federal Affairs acts as insurance to the lender if the borrower has any difficulties or problems making a payment. The difference between the two, however, is that only veterans of the United States military, or their widowed spouses, may obtain VA loans.

Other reasons VA loans are perfect for veterans aspiring to be homeowners are that these loans are, on average, less expensive than traditional loans, or offer better rates. More money can normally be borrowed at the beginning of the loan, to pay various fees.

There are many different types of VA loans, and our site has a large frequently asked questions section to assist you in navigating your way through the many state laws and other factors which can make obtaining these loans difficult. We also guarantee helpful customer service if you have any additional questions.

The Department of Veterans Affairs recognizes your service to our country, and wants to help you fulfill your dream. The staff at MortgageLoanPlace.com thanks you for supporting our country, and wants to make obtaining VA loans as easy as possible for Americas heroes.

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