The Veteran Administration’s Loan originated in 1944 through the Servicemen’s Readjustment Act; also known as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment.
VA loans are made by private lenders like banks, savings & loans, and mortgage companies to eligible Veterans for homes to live in. The lender is protected against loss if the loan defaults. Depending on the program option, the loan may or may not default.
In order to be eligible for a VA loan, a borrower must be a military veteran who meets certain eligibility requirements. These requirements include:
Copyright © 2024 Oceans Luxury Mortgage / Texana Bank - All Rights Reserved. Equal Housing Opportunity