What is a Veteran's Affairs guaranteed home loan?

Veteran's Affairs guaranteed loans are made by private lenders, such as banks, savings and loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally received by requiring a down payment allowing you to obtain favorable financing terms.

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1. What is a Veteran's Affairs guaranteed home loan?