What is a VA home loan?
A VA home loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with no down payment required! One of the great advantages to this program is there is no private mortgage insurance and generally is a very competitive interest rate to most other loan programs out there.
When borrowers apply for this loan, they need to provide the wholesale lender with a certificate of eligibility from the VA. To get this certificate, you’ll have to produce service-related documentation, which can vary based on whether you are active duty or a veteran. The certificate can be obtained from the VA website
If eligible, this is probably the best loan program available for a client!