The main purpose of the VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged
on other type of mortgage loans.
Other types of mortgage loans offered include FHA loans, which are designed for lower - income consumers; VA loans, designed for veterans; and interest - only mortgages, which allow the borrower to pay only interest for their first few years, and so reduce their monthly payment.
To learn more about deferred interest mortgage payments and
other types of mortgage loans, be sure to consult with your financial advisor or a trusted bank representative.
Conventional loans, USDA, and
other types of mortgage loans may have other standards, and individual lender requirements may also apply.
Aside from the veteran's certificate of eligibility and the VA - assigned appraisal, the application process is not much different than
any other type of mortgage loan.
The goal of this article is not to cast a bad light on
any other type of mortgage loan.