What is the definition of a va home loan?
A VA home loan is a type of mortgage loan made by an approved lender and guaranteed by the Department of Veterans Affairs. These loans are typically made available to eligible veterans and people currently serving in the military. VA loans differ slightly from a standard mortgage, because they are provided through a private lender but the federal government guarantees a portion of the principal. Therefore, if the borrower defaults on the loan, the lender is protected because the Department of Veteran Affairs backs the loan.
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