VA MORTGAGE LOAN
The VA mortgage loan is a great opportunity for veterans to achieve the purchase of their own dream house since 1944, when this program became known. The VA mortgage loan provides to veterans a federally guaranteed home (the guaranty means the lender is protected against loss if you, or a later owner fails to repay the loan), with no down payment. The Department of Veterans Affairs, is the one whom establish the rules of VA mortgage loans for those who may qualify, and dictate the terms of the mortgages offered, and insure VA mortgage loans against default. This special loan program designed specifically for veterans can be issued by any VA approved lender. VA mortgage loan makes buying a home extremely attractive for those who have served in the military. VA mortgages loans also offer feature flexible requirements, no private mortgage insurance (PMI), and extremely competitive mortgage rates.
In order to qualify for a VA mortgage Loan, a veteran must have served:
- 181 days during peacetime.
- 90 days during war time.
- 6 years in the Reserves or National Guard.
- or have a discharge other than dishonorable.
- VA applicants must present a certificate of eligibility, which establishes their record of military service, to the lender.
Note: The spouse of a service member who was killed in the line of duty, may also qualify.
WHAT ARE THE BENEFITS?
- VA loan guarantees a portion of the loan, enabling the lender to provide you with more favorable terms and with no down payment.
- VA loans offer you other housing-related programs to help you buy, build, repair, retain, or adapt your own home for your personal occupancy.
- For Native American veterans the program Native American Direct Loan (NADL) program reduce the interest rate on a VA loan.
- After you obtain a VA loan, you can apply for different refinance plans or the Adapted Housing Grants program (for Veterans with a permanent and total service-connected disability purchase), which allow you to lower your current interest rate, or to remodel and modify your house.
HOW CAN I GET A VA MORTGAGE LOAN?
To get a VA mortgage loan, you need to be part of the Veteran’s active military personnel, or military families, and make sure that you are eligible for a VA mortgage loan (read above requirements). Second you need to Shopping around to Find the best lender who participates in the VA mortgage loan program, and offer you great mortgage terms and lower closing cost. Third get your Certificate of Eligibility from the VA to prove that you are eligible for a VA mortgage loan. And finally apply for your VA mortgage loan; your VA lender will work with you to complete your financial process.
HOW TO CHOOSE A LENDER?
Choose a VA lending institution that can manage your home loan. A lender can help you review your credit history and determine how much of a loan you can qualify for. Be aware that different lenders have different closing costs and other fees, so it pays to shopping around. Also seek for a lender who cares and connect with your own real needs and your family’s.