The mortgage industry has many types of home loans. All of them are aimed at enabling qualified borrowers to acquire homes. The differences arise when it comes to the way they operate. Borrowers are able to understand the benefits and drawbacks of these loans by carefully studying their features. For instance, FHA loans require down-payment of as low as 3.5%. This will result to high interest rates so that the lenders can protect themselves against non-repayment risk. Conventional loans, on the other hand require a 20% down-payment. Since this reduces the amount of lender contribution, their risk is lower. This means that interest rates for conventional loans are lower. The same case applies to VA home loans. They too possess unique features that can either attract or discourage borrowers. Explained below are some features that distinguish VA home loans in San Antonio:
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