| VA Loans | | | | interest rates. Getting the VA loans is |
| | | | completely devoid of hassles and legalities, |
| If you are on active duty ( there are time | | | | which makes the loan more accessible. |
| constraints) or are retired military, the | | | | |
| chances are good that you qualify for a VA | | | | VA loans are generally the best choice for |
| loan. There are different types of housing | | | | veterans who are planning to purchase a new |
| loans, such as Conventional, FHA (Federal | | | | home or refinance an existing home mortgage. |
| Housing Administration) and VA loans. It's a | | | | More than 29 million veterans and service |
| good idea to research the different types of | | | | personnel are eligible to receive VA loans. |
| loans before you dive in. The basic aim of VA | | | | You may also want to visit the Veterans |
| loans is to help veterans finance buying a | | | | Administration web site Veterans can apply |
| house. The largest benefit of VA loans is you | | | | for pre-qualification online or check their |
| don't need a down payment, and very little | | | | eligibility for VA loans within minutes. VA |
| cash to move in. A more complete reference | | | | FINANCING - A GOOD DEAL FOR VETERANS. |
| for processing VA loans is the Lender's | | | | Department of Veterans Affairs home loans -- |
| Handbook, VA Pamphlet 26-7, available on the | | | | VA loans for short -- are a popular option |
| Internet at www. The biggest advantage of | | | | with home buyers. The Veterans Benefits Act, |
| using VA loans is that borrowers can finance | | | | signed recently, has raised the VA loan |
| the purchase of a home with no money down. | | | | limits to allow more Veterans and individuals |
| This can be a great help when you consider | | | | on Active Duty to qualify for VA Loans. |
| all the expenses that are associated with | | | | Veterans are allowed to refinance their |
| buying and moving into a new home. One of the | | | | existing mortgages from conventional or FHA |
| most common myths about VA loans is that once | | | | loans to VA loans. But if you're one of |
| you use your VA loan you can never use it | | | | those veterans who thought they could never |
| again. This is simply not true. If you have | | | | be approved for a loan on a home, VA loans |
| an existing VA loan, you must clear it to | | | | can make it happen where nothing else could. |
| make yourself eligible for another VA loan. | | | | This program helps veterans obtain mortgages |
| This is a common practice when you sell you | | | | by protecting the lender against loss. Check |
| house make sure that you clear the loan so | | | | with your local Veterans Administration for |
| that you are eligible for the next one. | | | | details or go to VA Loan ( |
| Another perk to VA Loans is the reduced | | | | |
| closing costs, origination fees, and | | | | To summarize, The basic aim of VA loans is to |
| appraisal fees that lenders are allowed to | | | | help veterans finance buying a house. On the |
| charge. When an appraisal is done on a | | | | other side of the coin, one potential |
| property, the lenders are bound by that | | | | downside to a VA loans is the guarantee |
| amount. If for some reason you agree to pay | | | | amount. The guaranteed amount is higher than |
| more than the appraised amount, the | | | | ever so the guaranteed amount should not be a |
| additional money would have to come out of | | | | problem. The largest benefit of VA loans is |
| your own pocket. Why would anyone want to pay | | | | you don't need a down payment, and very |
| more than the appraised amount? An example | | | | little cash to move in. The main source of |
| might be something like this. You are talking | | | | information about processing VA loans is |
| to a seller and have agreed on a price | | | | contained in VA Pamphlet 26-7, VA Lender's |
| pending a VA appraisal. The appraisal comes | | | | Handbook. One of the most common myths about |
| in five thousand below the agreed upon | | | | VA loans is that once you use your VA loan |
| price. You still want the property and they | | | | you can never use it again. As we said |
| want to sell it to you but not at the VA | | | | earlier, this is not true, you just have to |
| price. You compromise and agree to split the | | | | clear the previous one. Another perk to VA |
| difference and pay them an additional | | | | loans is the reduced closing costs, |
| twenty-five hundred dollars. That money would | | | | origination fees, and appraisal fees that |
| come out of you pocket. The only catch with | | | | lenders are allowed to charge. The funding |
| VA loans is that you must be a military | | | | fee for VA loans is waived for veterans who |
| veteran to qualify. While, one of the biggest | | | | have a service. Connected disability of 10 % |
| selling points for VA loans is that there are | | | | or more. Getting the VA Loan is completely |
| usually no down payments required. The | | | | devoid of hassles and legalities, which makes |
| funding fee for VA loans is waived for | | | | the loan more accessible. If you are a |
| veterans who have a service connected | | | | veteran, this is one of the best deals there |
| disability of 10 % or more.. One of the | | | | is. This and the GI Bill for education, but |
| greatest benefits of VA loans is the low | | | | that's a different story for another day. |