VA Loan Guarantee Program

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 34 of 72

The Guarantee Feature The Veterans Affairs (VA) loan program is designed to help eligible veterans, active-duty service members, and surviving spouses buy homes with favorable terms. Unlike the FHA, which insures loans, the VA provides a guarantee on a portion of the loan. This partial guarantee acts as a safety net for lenders. If a veteran defaults on the mortgage, the VA promises to pay the lender a specific percentage of the loan balance (the entitlement) to cover their losses. This guarantee encourages private lenders to offer loans with no down payment and competitive interest rates to borrowers who might otherwise not qualify.