A VA loan is a mortgage guaranteed by the United States Department of Veterans Affairs. VA loans were created in 1944 as a benefit for people who served in the military. VA loans are designed to help active-duty military and veterans achieve the American dream of homeownership. They offer lower interest rates and better terms than Conventional mortgages and are offered exclusively to service members and certain military spouses.
VA home loans are issued by private lenders such as banks and mortgage companies. They are guaranteed against default in case the borrower or a future owner is unable to repay the loan. The VA guarantee is usually up to a quarter of the total loan amount, with the current maximum conforming loan amount in 2024 being $766,550.
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