False
They are typically made by a lender. The U.S. Department of Veterans Affairs guarantees only. There have been instance in which the Department of Veteran affairs has actually originated the loan, but these situations are rare, and require that a veteran be denied through at least 3 financial institutions first. If the veteran's credit or income situation improves and they become eligible to receive funding originated through a standard lending institution, they are required to refinance. The VA department also sets the guidelines in which all financing is approved, closed, and insured. |