Things to know about VA loans

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Dwellit
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Things to know about VA loans
VA (Veterans Administration) loans are mortgage
loans for veterans extended by the United States
Department of Veterans Affairs. A highly
experienced ex-serviceman is called a Veteran.
This term is usually used to address
ex-servicemen who served the country in war.
Although Veterans are treated with respect and
honor yet, negative feelings are expressed in
certain situations, and VA loans are a way to
strengthen them. Still, many Veterans are not
fully aware of the services offered to them and
are unaware of how VA loans work. Following is
the list of all you need to know about VA loans.
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1) Zero down payment and mortgage
insurance Unlike FHA and conventional loans
that require at least 3 to 5 percent down
payment, which sums up to 12,500 on a 250,000,
VA loans do not require any down payments.
Therefore, you can purchase your house
immediately instead of saving for the down
payment. The insurance premiums are also needed
on traditional loans, which amount to 5 percent
and costs 150 per month on a 250,000 loan. By
eliminating PMI (Private Mortgage Insurance)
facilitated by a VA loan, a buyer can buy a house
equivalent to the price of 280,000 on the same
monthly payments as a conventional loan. This
increases veterans purchasing power.
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2) Pre-qualified vs. Pre-approved. Pre-qualifying
is the initial process of getting a mortgage. It
includes getting an estimate of what worth of
house or mortgage you can get based on your
assets, liabilities, and income.
Pre-qualification is the essential yet powerful
step that begins the next step, i.e.,
pre-approval. In the pre-approval process, the
lenders examine your income and the position of
your finances. If satisfied, they issue a
pre-approval letter directed to you. This letter
ensures realtors and real estate agents that you
are a capable and willing buyer and they can
trust you with their services.
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3) Your benefits are reusable. Many veterans
are under the impression that they can take VA
loans only once but in reality, thats not the
case. VA loans can be used many times for
example, a veteran wants to sell off his present
house purchased through VA loans and buy a new
one. In this case, as soon as he sells his home,
his Veteran loan entitlement is renewed.
Moreover, even if the Veteran doesnt want to
sell his present house and buy another one he/she
can get a one-time renewal of his/her
entitlement. It also applies in case he/she has
refinanced a VA loan with a non-VA loan. In a
nutshell, veterans can buy one more house without
selling the previous one in some cases.
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4) Eligibility of surviving spouses. In 2015
more than 3,000 surviving spouses purchased a
home from the VA loan benefit of their deceased
partners. One condition in this benefit is that
the surviving spouse should not remarry after the
tragedy. Eligible surviving spouses get VA loans
with zero down payment and mortgage insurance
fees the funding fee is also waived. This
benefit does not help the grieving spouses but
tries to help them move forward with their life.
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Contact Details - Business Name /Contact
Person Dwellit Country/Region California
Phone No. - 8005901312 Business Email
dwellithome_at_gmail.com Website -
https//dwellit.com