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VA Mortgage Loans - Giving the Military Veteran a Chance to Own a Home
from: Mortage & Debt FactsThe Department of Veterans Affairs (VA) first started to give out loans in 1944 to war veterans to help them purchase their own homes. Since then, the VA has given more than 18 million loan guaranties.
The people who are eligible for VA mortgage loans are the veterans who were in honorable and active service during World War II and all the conflicts thereafter. To be eligible, one has to have served at least 90 days of service. Those veterans who serve during peacetime periods are eligible only if they have had more than 180 days of active service.
Contrary to what most people believe, securing VA mortgage loans is relatively easy, and it is quite similar to getting normal mortgages. There are five steps to this process.
First, you need to apply for a certificate of eligibility. When submitting this form to the eligibility center, make sure you include a proof of military service.
Second, you have to choose a home.
Third thing to do, though this is usually done by the lender, is to order an appraisal from the VA.
The fourth step is to apply for a loan with a lender. When this is being done, the lender may check for your credit information.
And the fifth and final step requires you to close the loan.
There are several advantages of taking VA mortgage loans, one of which is that you don’t have to pay a down payment. Another advantage is that you can get the maximum amount equal to 100% of the appraised value of the property. There is also flexibility in VA mortgage loans since you can negotiate interest rates.
The terms for this type of loan can reach up to thirty years and you can even choose the mode of payment you wish. One good feature about this loan is that when you are faced with temporary financial difficulties, you have the option to take on personal loans to avoid losing your home. When you get approved for a VA mortgage loan, you can use the loan proceeds to build, buy, improve, or refinance a home.
To ensure approval of VA mortgage loans, make sure that you are an entitled veteran and the loan is for an eligible purpose. Also, you have to be certain that you will stay in the property for a long time after the loan has been approved. You will also need to have a good credit standing and your income must show that you are financially capable of repaying the loan.
If you satisfy these requirements, then you can be quite sure that your application will be approved.
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