VA Loans.
Who Qualifies for a VA Loan?
There are
several different standards you must meet to qualify for a VA loan.
If you are not sure if you will qualify, you should speak with a
mortgage broker or a VA loan professional. One of the first steps
towards getting a VA loan is to complete a Certificate of
Eligibility.
National
Guard and Selected Reserve members may also qualify. Check your
eligibility with a qualified VA loan specialist if you have any
questions.
What Can I Do
with a VA Loan?
You can use
your VA loan to purchase a house, condominium, or townhouse. You can
also build a home, make energy-efficient home improvements, or
refinance your mortgage.
Why Would I
Want A VA Loan?
There are
several reasons why a VA loan may be preferable to a standard loan.
Most important, if you qualify, you may obtain a VA loan even if you
did not qualify for other loans. There may be no down payment
required for a VA loan, depending on the lender. VA loans rates are
often lower interest rates than conventional loans, and many times
you can negotiate the interest rate with the lender. There are no
mortgage insurance premiums on VA loans, and assumable mortgages are
permitted. Closing costs can be lower than other forms of financing,
and there is no penalty for prepaying your mortgage, as in some
other forms of loans. In addition, VA assistance is available to
those who qualify if temporary financial difficulty occurs.
How Much Money
Can I Borrow?
The
VA does not put a cap on how much
money you can borrow, this is determined by the lender, typically a
bank, savings and loans, or mortgage company. A lender will
often loan up to four times the amount of the basic entitlement
without requiring a down payment.
Limit increase! Although there is no set maximum limit the VA allows
you to borrow with your entitlement.
Veterans who have already taken out a VA home loan in the past may
be eligible for remaining entitlement for any unused previous
balance. Because entitlement amounts have increased over time, many
people with prior VA loans may be eligible for more money now than
they were previously. Complete our form or call us today to find out
if you qualify.
VA Loan
History
The VA home
loan guaranty program was established in 1944 to aid veterans
returning from war. The goal of VA home loan benefits was to help
Veterans toward purchasing or refinancing a home in gratitude for
the sacrifices they made by serving our country.
Complete the
VA online loan request. This will help
you find out how much money you can save on a VA Loan, how to get
pre-approved, and can provide you with free advice and assistance
regarding your VA Loan. They can also educate you on the current VA
loan rates.
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Criteria to qualify for a VA loan:
-
Active-duty veterans
discharged during WWII or later, without the status of "dishonorable"
-
Active-duty veterans
with at least 90 consecutive days of service during major conflict
-
Peacetime veterans and
active duty personnel with at least 180 days of consecutive service
-
Enlisted veterans
whose service began after 1980 or officers whose service began after
1981 and who have served at least 2 years.
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