Title: The Ins And Outs Of VA Loans
1The Ins and Outs of VA Loans
2The Veterans Affairs Department of the U.S.
government has offered guaranteed home loans for
veterans for over 70 years.
3Both active duty military people and veterans can
acquire financing to purchase homes through the
VA home loan program.
4These mortgages offer benefits that make them a
good option for many homebuyers.
5About the VA Guaranteed Home Loan
6VA home loans are guaranteed by the U. S.
government.
7This guarantee means that, if you are unable to
pay the loan, the government will ensure that the
lending institution receives its payment.
8However, this guarantee of repayment is a
desirable feature for lenders, who will be more
inclined to provide the loan to the applicant.
9Most of the usual requirements for a loan apply,
but the applicant must also provide documentation
of their service record.
10Advantages of VA Guaranteed Home Loans
11Home buyers find that a home loan through the VA
program offers a number of advantages
12 No down payment is required if the price of the
home does not exceed the appraised value.
13 Private mortgage insurance is not required,
which keeps monthly mortgage payments low.
14 Closing costs may be paid by the seller of the
property.
15 Closing costs are limited by VA rules.
16 No early payment penalty can be imposed.
17 The VA can offer advice and practical help if
you have trouble paying for your home mortgage.
18Eligibility Requirements
19Applicants are required to provide a certain
amount of documentation, just as they would for a
conventional loan, such as
20 Social security numbers and valid ID
21 Certificate of Eligibility that provides
information on your current service, dates of
previous service, discharge papers, or service
benefits statements
22 Proof of employment, names of employers for the
last two years. If self-employed, you must
provide the last two federal income tax returns.
23 The last 60 days of statements from checking
and savings accounts
24 The purchase contract
25 The appraisal of the property
26 Assurance that you will occupy the property
yourself
27 Credit record
28 Credit card statements
29 Child care expenses
30 Corrections or clarifying information on
negative credit reports
31Lending Institutions That Offer VA Loans
32Not 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.
33The 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.
34Refinancing A Home Through the VA Home Loan
Program
35The VA loan program also has a method of
refinancing home loans to make your mortgage more
affordable.
36The 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.
37Any 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.
38Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
39He 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.
40Be a proud homeowner today.
41For more details call 480-351-5904 or visit the
site www.valoansforvets.com
42VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com