Is Applying For VA Loans Difficult

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Is Applying for VA Loans Difficult?
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Since its inception, more than 20 million people
have utilized the VA guaranteed home loan program
to help them afford a home loan at favorable
rates.
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If youre wondering how to get a VA loan and
whether these loans are difficult to acquire,
read more about this helpful program for veterans
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The VA Does Not Provide the Home Loans
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The Veterans Administration does not provide the
funds for home loans.
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Rather, the loan money is provided by many types
of lenders, who participate in the program and
know its requirements.
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If you are looking for a mortgage for a new home,
always ask the lender if they participate in the
VA guaranteed home loan program.
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Many institutions have special departments or
specially-trained personnel to help apply for
these loans.
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A Certificate of Eligibility Is Required
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VA loans require a Certificate of Eligibility
that documents your past or current military
service.
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Lenders with trained personnel that work with the
VA home loan program can easily acquire this
document.
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However, in some cases, the applicant must fill
out a DD form 26-1880 or other form online or by
mail to receive the document.
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You Must Have A Reasonably Good Credit Record
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Lenders generally require applicants for the VA
guaranteed home loan program to have a credit
score of 620 or above.
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This requirement is to ensure that you are able
to repay the loan and have a record of repaying
your debts.
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Certain Income Requirements Apply
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You will have to provide documentation regarding
your income in order to assure the lending body
that you can repay the loan.
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This information can be in the form of W-2s from
your place of employment, two years of past
income tax forms if you are self-employed, as
well as receipts from your military pension or
other sources of income.
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You Will Pay A One-Time Funding Fee
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A one-time funding fee is required to help pay
for the VA home loan program.
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Currently, the funding fee is 2.15 percent if you
have a zero down payment.
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This fee goes down to 1.25 percent if you put a
10 percent down payment on the home.
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These fees can vary, depending on the division of
the military service and how often you use your
entitlement benefit.
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A Down Payment Is Not Always Required
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Your military service allows you a certain
entitlement toward the amount of the loan.
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That is, the government will guarantee payment of
the loan calculated using the amount of your
basic entitlement, which is currently set at
36,000.
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However, a bonus entitlements may also apply that
may allow you to get a home loan up to 417,000,
or more, depending on the area.
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Generally, you can acquire a loan without a down
payment up to this amount.
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The Home Must Be Appraised
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An appraiser must physically visit the property
and determine its market value, based on the
structure itself, as well as other homes in the
area.
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The VA provides a list of minimum property
requirements that must be included in the
appraisal report.
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These requirements include adequate living
quarters whether it is a residential and not
commercial property electrical and water systems
in good working condition and other details.
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If the property does not appraise at the value of
the selling price, the buyer may have to
re-negotiate the sale.
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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