Benefits basics: The VA loan program

Here’s some background on the VA loan program, which took shape near the end of World War II and has been used by millions of service members and veterans since then: Nearly 3 million have VA-backed loans at present, and more than 740,000 loans were taken out in fiscal 2017. What it is: The Veterans Affairs Department guarantees a percentage of an eligible beneficiaries home-purchase or home-refinance loan, allowing the lender to provide more favorable terms and often letting the…