The Ins And Outs Of VA Loans

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The Ins and Outs of VA Loans
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The Veterans Affairs Department of the U.S.
government has offered guaranteed home loans for
veterans for over 70 years.
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Both active duty military people and veterans can
acquire financing to purchase homes through the
VA home loan program.
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These mortgages offer benefits that make them a
good option for many homebuyers.
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About the VA Guaranteed Home Loan
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VA home loans are guaranteed by the U. S.
government.
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This guarantee means that, if you are unable to
pay the loan, the government will ensure that the
lending institution receives its payment.
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However, this guarantee of repayment is a
desirable feature for lenders, who will be more
inclined to provide the loan to the applicant.
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Most of the usual requirements for a loan apply,
but the applicant must also provide documentation
of their service record.
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Advantages of VA Guaranteed Home Loans
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Home buyers find that a home loan through the VA
program offers a number of advantages
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No down payment is required if the price of the
home does not exceed the appraised value.
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Private mortgage insurance is not required,
which keeps monthly mortgage payments low.
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Closing costs may be paid by the seller of the
property.
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Closing costs are limited by VA rules.
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No early payment penalty can be imposed.
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The VA can offer advice and practical help if
you have trouble paying for your home mortgage.
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Eligibility Requirements
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Applicants are required to provide a certain
amount of documentation, just as they would for a
conventional loan, such as
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Social security numbers and valid ID
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Certificate of Eligibility that provides
information on your current service, dates of
previous service, discharge papers, or service
benefits statements
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Proof of employment, names of employers for the
last two years. If self-employed, you must
provide the last two federal income tax returns.
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The last 60 days of statements from checking
and savings accounts
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The purchase contract
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The appraisal of the property
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Assurance that you will occupy the property
yourself
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Credit record
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Credit card statements
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Child care expenses
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Corrections or clarifying information on
negative credit reports
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Lending Institutions That Offer VA Loans
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Not all lending institutions offer VA home loans.
However, many do, and these lenders may have
departments or personnel who are trained in the
special requirements of the VA program.
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The lending institution is not obligated to
provide a loan to those who apply. However, these
institutions understand that having the loan
amount guaranteed by the government makes it an
attractive risk.
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Refinancing A Home Through the VA Home Loan
Program
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The VA loan program also has a method of
refinancing home loans to make your mortgage more
affordable.
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The Interest Rate Reduction Refinance Loan, often
called the IRRRL, is a streamlined process that
allows homeowners who have VA guaranteed loans to
refinance at a lower interest rate, without
having another appraisal or credit underwriting
to qualify.
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Any costs of the refinancing can be rolled into
the new loan, so that the applicant does not have
to provide out-of-pocket money during the
process. Both fixed rate and adjustable rate
mortgages are available.
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Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
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He served in the United States Marine Corps, and
now devotes himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion of his
while at the same time helping others achieve
home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 or visit the
site www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com