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In a sizzling housing market, some military families using VA loans are struggling to buy homes, real estate experts say.
VA loans, mortgages partly guaranteed by the U.S. Department of Veterans Affairs, financed 14% of home purchases from July 2019 to June 2020, according to the National Association of Realtors. The loans generally have no down payment, competitive interest rates, no private mortgage insurance and lower closing costs.
However, today’s red hot market has some sellers passing over government-backed mortgage offers, such as VA loans, expecting a faster or smoother closing with other options.
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