VA home loan is one of the few mortgage programs that will finance the purchase of a home without a down payment. These are guaranteed by the Veterans Administration and allow for no money down and easier qualification most of the time. Conventional loans require 5% down and often times mortgage insurance.
VA loans are advantageous for veterans who need a no-down-payment loan ,you don't need to make a down payment, you'll need to have present your Veteran's certificate, and your appraiser needs to be allocated by the VA. You cannot save as much money in any other mortgage program as you can save with the VA Home loan.
Unfortunately, VA loans aren't available to everyone. They're limited to eligible veterans, active duty, reservists and National Guard members, and some surviving spouses, all of whom must prove that they're qualified by obtaining a certificate of eligibility from the VA. Qualified veterans can certainly take advantage of the great resources offered in VA loan program. Meeting certain requirements can enable you to receive some fantastic benefits for the purchase of a home.
A VA home loan can help you save money on closing costs of the home purchase. This is very much true and if for guarantee, you can ask your lender. They will tell you the entire estimation of the VA loan and will show you that its expenses are lower than usual mortgage program.
The method of obtaining a VA home loan is divided into 3 main steps.
The most important step in getting a VA loan is determining if you qualify for one. The process to determine whether or not you are eligible is done with the VA Form 26-1880, or commonly called a Certificate of Eligibility or COE. Upon completion of this review, you can proceed with the loan process.
The next step is requesting an appraisal of the property you want to purchase. This appraisal is required and is normally requested by your mortgage lender. The VA appraisal determines the value of the property and, even more important, the maximum amount of your loan.
The last step in the process is actually submitting paperwork to your mortgage lender for the loan. Once the appraisal has been finalized, the loan can be approved and closed on without waiting for the VAs review of the credit application. This greatly increases the processing time that come with purchasing a new home.
VA Home Loans are a great choice for all eligible people who are interested in buying a home. It is worth the time to apply and find out how
For more information Visit us at:
http://www.iamaveteran.us
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Source: http://www.articlesbay.org/loans-articles/va-home-loans-015130.html
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