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Department of Veterans Affairs

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Department of Veterans Affairs
A federal agency that provides, among other services, guaranteed home loans for veterans.
    
The terms and rates of such loans are usually more favorable that those of conventional home loans. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against Default.
    
VA loans Offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender. VA loans, FHA loans and other loans insured by departments of the United States government are securitized by the Government National Mortgage Association (Ginnie Mae). These securities carry the guarantee against Default of the Untied States government.
Posted by  Institute for International Research
 
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