A: VA guaranteed loans are made by private lenders, such as banks or mortgage companies to eligible veterans to buy of a home (which they must live in). The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
Give me a call at 801.560.2333 to discuss your financing options.
Source of information: http://www.benefits.va.gov/homeloans/faqpreln.asp
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