The Ins And Outs Of VA Loans
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Transcript of The Ins And Outs Of VA Loans
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The Ins and Outs of VA Loans
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The Veteran’s 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 Vets7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]