Lending Source and Eligible Property

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 36 of 72

Similar to FHA and conventional loans, the VA typically does not lend money directly to the consumer. Instead, the loans are originated by private lending institutions like banks and mortgage companies. The VA’s role is strictly to guarantee the loan against default. These loans are specifically intended for owner-occupied residences. A veteran can use the funds to buy a single-family home, a condominium in a VA-approved project, or a multi-unit property (up to four units), provided the veteran lives in one of the units as their primary residence.