va home loan
If you are a veteran and looking forward to buy a house then wait don't go through the normal lending process. There are special loans called as VA loans made available to veteran by the U.S. government. Though these loans are guaranteed by, the government they are given out by private mortgage lenders. In simple words in a VA home loan the government acts as a co-signer for the loan. But still you need certain specifications like good credit and enough income to qualify for these loans. After all you are supposed to meet the payments towards these loans and also towards the insurance and taxes. For the VA home loans the government guarantees almost $36,000 to the mortgage lenders that acts like a down payment amount.
Till the time the loan is equal to or less than the value of the property you are not required to pay any down payment and the guarantee of the government is enough for it. Besides this you are also not required to pay any pre-payment penalties and can negotiate on the interest rates.
Qualifying for a VA home loan .
Qualifying for a VA home loan is not difficult if you fulfill the requirements of the Department of Veteran Affairs and the mortgage lender. Some of the basic criteria include:
You should be an active or a former member of the armed forces and should have served for specific length of time.
National Guard members are also eligible for these loans if they have served for at least 6 years and have been discharged honorably from duty.
Widow or widower of a former member of armed forces is also applicable for these loans. However, the spouse should have died while on duty. Also the widow or the widower should not have married again.
A spouse of a service-person who is missing or is a prisoner of war can also apply for a VA home loan.
When you apply for the VA home loan you are required to provide a certificate of service or discharge.
With the help of these loans you can borrow a maximum amount of $240,000.
Applying for a VA home loan .
Applying for a VA home loan is similar to as applying for a conventional mortgage. To start with you should look for a house that you wish to buy. Once that you have found the right house then you should sign the contact only when you have an approval of a guaranteed VA home loan.
Next you can apply for the VA home loan through a private lender and make sure that you deposit your VA eligibility certificate or the certificate of discharge. Once you have filled and submitted the application the lender will start the process by contacting the Department of Veteran Affairs for the appraisal of the value.
The VA home loan is finally approved on the basis of the value of the property and your credit score. Once this is done then you are required to discuss the terms and the closing costs of the loan. After you reach a decision then you can finally sign the papers and close the deal .
Where to apply for a VA home loan .
Any mortgage lender that gives out FHA loans or private loans usually gives out VA home loans also. You can either apply through the conventional lenders or the online lenders.
When applying through the online lenders it is easy as you can compare the offers easily and qualify for the lowest interest rates. Besides this the online application is user friendly and simple to apply for. The interest rates charged on the VA home loans are much lower as compared to the other home loans.
You can obtain a VA home loan for a new construction or an existing single-family house. You can also have the VA home loan as a refinance or for making home improvements.
Lenders for VA home loans .
Some of the lenders for VA home loans are mentioned below.
A Hunter Financial Group, LLC: .
They are a family owned mortgage broker business in Florida. They have a combined experience of 30 years in the lending industry and have helped a number of veterans in getting the right kind of VA home loans. You can contact them at A Hunter Financial Group, LLC; 1433 Gulf to Bay Blvd Suite F ; Clearwater, Florida 33755; phone: (727) .
VA Home Loans: .
They provide veteran home loans up to $417,000. They specialize in giving out VA home loans and have the highest level of expertise in these loans. They offer the latest technologies of computerized underwriting and LAPP appraisals. phone: 800.931-7377; office - 8:30 am - 6:00 pm PST; fax: 800.931.7375; Secure Funding; 450 S. Glendora Ave, Suite 109; West Covina, CA 91791.
America One Finance: .
They are one of the fastest growing mortgage companies and specialize in giving out VA home loans. You can apply with hem for a VA home loan and get some of the most competitive rates. You can contact them at America One Finance; P.O. Box 1121; Allyn, WA 98524; Phone: 1-866-436-1379; Fax: 1-866-436-1379.
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