Home Loan program of the US Department of Veterans Affairs via its Loan Guaranty Services provide guarantees for qualifying veterans so that they can get a VA finance guaranty. Qualified VA lenders often provide basic information about the processes and requirements behind VA Loans before calculating the maximum loan available to the veteran.
The loan actually comes from lenders and the VA is rarely involved in the loan approval process which is mainly handled by the lenders themselves. Qualified VA lenders calculate the ability of the veteran to pay for the loans using industry standard procedures.
In cases where the borrower is no longer able to make payments the lender goes to the VA to claim and cover losses that may have been incurred.?VA loan work for the veteran by guaranteeing the loan making losses unlikely for qualified VA lenders.
With lower risk involved more lenders are willing to provide loans to veterans and require less from the veteran borrower. Benefits include not needing a separate private mortgage insurance, limited closing costs, no penalties for loans that are paid of early, and support in cases where the veteran encounters difficulties in making proper payments for the loan.
The VA does not impose limits on the size of the loan but does have a maximum amount that can be guaranteed according to law. The most noticeable benefits of getting a VA loan is that many lenders no longer require a down payment for the loan.
Source: http://www.greaterdania.org/concepts-and-benefits-of-va-loan/
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