Are you looking for a VA loan that fits your personal needs? You came to the right place. Discover here the best VA home loans and requirements. A wealth of information on VA loans for that VA mortgage.
First let me give you some history about the VA mortgage. In 1944, congress passed a bill that enabled veterans to purchase homes. This bill had a great impact on the way of life for many veterans.
Of course the Homestead Act was awesome, but now war veterans would have benefits allowing them to purchase a home with better interest rates and with the possibility of no down payment.
If you think you are ready, be sure to get a lender who is familiar with working with this mortgage option.
So be sure to tell the loan officer you're a veteran and ask for the VA home loan. If you’ve been disabled while in the service, be sure to tell them this and you can save money on the upfront funding fee.
What the VA does is provides a home loan guarantee to the lender. It guarantee's the lender from loss if the borrower (you) defaults on the loan. The guarantee replaces the protection the lender would get when receiving a down payment. Thus making it easier for the veteran to obtain an affordable home loan with awesome interest rates.
These types of loans can be used to either build or buy a home, buy a condominium, or refinance an existing loan. It can also be used to repair or improve a current residence. There are requirements that have to be met for you to qualify.
Since lenders can obtain this guaranty, it eliminated the
need for a down payment. Of course you will have to a home loan entitlement large
enough for this benefit to work. And this can vary depending on where your
prospective home is located.
Lenders are not required to automatically qualify you for a this type of loan. The VA will not encourage them to overlook their underwriting procedure. So pick a lender who is willing to work with you through this program.
Another necessary requirement is you or your spouse must occupy the residence. There are various other requirements that are broken down for you below.
All you need to do is apply with any mortgage lender that participates in the VA home loan program. You must obtain a Certificate of Eligibility to start the process. Your lender can also help you obtain this certificate through the Web IGY system. So be sure to ask them about it.
Remember this guarantee is not a gift, you must repay the loan or lose the home. Even if the veteran dies before the loan is paid off, the guarantee doesn't pay off the balance. If there is a spouse, they will be responsible to pay the loan or it becomes the obligation of the Veterans estate.
All in all, the program has a lot of benefits for a qualified veteran. So don't hesitate to check it out.
Below, you will find numerous links that will help you learn
more. Spend the time doing your research. This way, when you talk with a VA
lender you know what you’re talking about. You can ask specific questions.
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Learn about the Certificate of Eligibility and how to obtain one.
VA Loan Requirements--Meeting the various VA loan requirements is easy compared to other programs. Learn what these requirements are and what you need to do to meet them.
Financing Benefits--Millions of veterans and service personnel are eligible for VA loans. Learn the benefits of this type of mortgage.
Restoration of Entitlement--If you have had a VA mortgage in the past, you may still be able to obtain VA loans. Discover what is necessary to do this.
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