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A VA loan is a Government backed loan that is only available to current and ex military. One of the key benefits to a VA loan is it requires no down payment. The seller is also allowed to pay all of the buyers closing costs making it possible for a VA buyer to put no money out of his/her pocket to buy a home.
VA Loans are assumable by qualified VA buyers. This can be a big incentive to the buyer if interest rates are higher than the existing VA mortgage. This would mean the buyer would have to pay enough down payment to cover the sellers equity and closing costs.
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