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