What Is a VA Loan? | The 2 Mortgage Guys

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• window.open('https: VA Overview How VA Loans Work The VA does not lend you money directly on a purchase loan. A lender like Luminate Bank originates the mortgage, and the VA guaranty protects that lender if the borrower defaults. That guaranty is why many eligible buyers can finance 100% of the purchase price with no monthly mortgage insurance. You typically choose a fixed-rate term (often 30 years). Monthly payments usually cover principal, interest, taxes, and homeowners insurance — without PMI or MIP. Most purchases include a one-time VA funding fee that can often be financed into the loan; many veterans with a service-connected disability rating are exempt. VA loans are for primary residences. Your Certificate of Eligibility (COE) confirms service history and remaining entitlement — Ryan and Steve pull this early so shopping starts with real numbers. At a Glance Why Buyers Choose VA When you have the benefit, VA is often the strongest purchase path available. VA vs. Other Loan Types Not sure if VA is the right fit? Compare it with other programs we close every week. Feature VA FHA Conventional Min. down $0 3.5% 3% Monthly MI None MIP (often life of loan) PMI under 20% down Upfront fee Funding fee (exemptions apply) Upfront MIP None typical Who qualifies Eligible veterans & military Most owner-occupants Most borrowers FHA Loans → Conventional Loans → VA overview → Keep Exploring Related guides to help you compare options and move toward pre-approval. 2MG Daily Related Blog Posts Recent articles from our blog on VA loans, entitlement, and veteran homebuying. {blogLoading ? ( ) : blogError ? ( Try Again
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