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6 facts you should know about VA loans

People eligible for VA loans do not have to be on active duty — they just need to be able to provide proof that they served at some time. The Department of Veterans Affairs doesn’t make the home loans directly, it works with participating lenders. It’s a good idea, always, to ask potential clients if they have ever served in the military. VA loans have many financial advantages that can make homes more affordable for veterans than conventional loans do. No down payment necessary (usually) One of the chief ways that VA loans can help you sell more houses is that they are more financially advantageous than conventional loans. Veterans and their families who may not be able to come up with the standard 20 percent down payment, for example, may be able to obtain a VA loan through a participating lender with no money down because 90 percent of VA loans don’t require a down payment. Often, it’s difficult to obtain a mortgage from a conventional lender if their credit score is less-than-excellent or very good. Some lenders charge a higher mortgage interest rate for credit scores outside this range. Like a lower interest rate, this can lower payments substantially over the life of the loan. And they can also, potentially, help you sell more homes if you familiarize yourself with the advantages and learn to advise your clients candidly regarding their financial standing.