VA Loans are mortgage loans guaranteed or backed by theUnited States Department of Veterans Affairs.The basic purpose of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.The VA loan lets veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements.Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment.The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).In a refinance, where a new VA loan is formulated, veterans may borrow up to 100% of reasonable value, where they are given permission by state laws.
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