what is the difference between a VA loan and a regular home loan?

Answer 1

A VA loan is not money given by the government. They simply guarantee a portion of the loan for qualified veterans. This allows the borrower to go in with little or no money down, as the bank has the guarantee of the government for at least a portion of the loan in the event of default. Of course, in that case, the defaulted borrower would be indebt to the government.

The requirements are more strict than conventional loans, but are there for the protection of the government and the buyer.

In order to apply for a VA loan, the veteran must first apply and receive a Certificate of Eligibility.

Answer 2

A portion of a VA loan is guaranteed by the government thus you can obtain conventional rates with poor credit. Keep in mind VA loans have strict guidelines as to Loan to Value and it must be a certified appraiser. Typically a VA loan can take longer to get approved for but for the right buyer it's worth it. A typical purchase can take 30 days but I have seen VA and FHA loans take 30-45 days due to strict underwriting guidelines. I hope this answers your question but if you need any assistance or have any further questions please feel free to email me or visit my website. www.dantadgerson.com.

Answer 3

A VA loan is a loan by the government to as vetern of the armed services. They usually have a lower interest rate than a regular(conventional) home loan. Some VA requirements(for the condition of the home) are the same as FHA requirements, therefore some sellers are reluctant to sell thruough VA

Answer 4

With a VA loan the money or loan is garanteed. This translates into you will be approved as in getting the money/loan. With a regular loan, the bank or loan center has the option to REFUSE you the loan for whatever reason they have. Be it bad credit or whatever the reason.

Answer 5

I don,t know sorry