VA home loans
Veterans, active duty personnel, and surviving spouses receive many benefits for putting their lives on the line for their country. If you are considering financing a home, you can take advantage of the benefits of VA home loans. With several benefits over a conventional loan, VA home loans are easy to attain and more affordable than traditional lending programs. While there are many guidelines you must qualify for to make yourself eligible for approval, there are mortgage specialists dedicated to assisting you through the process from start to end.
The main purpose of the VA home loans program is to assist veterans in financing the purchase of a home with favorable loan terms and a competitive interest rate. While VA home loans interest rates are similar to those that are found in conventional loan programs, the qualifications needed to qualify for a favorable rate are less strict for VA loans. In additional to easy approval terms, in many situations a down payment is not required for VA home loans. Because of the strict requirement of 20 percent down for other loan programs, this VA home mortgage benefit has became extremely attractive to those who are eligible and do not have a large sum of money to put down.
VA home loans application
Applying for VA loans is a simple process many are unaware of. The only real differences are the eligibility documentation you must provide your VA-approved lender. To start the application process for VA loans, those who are eligible will need to obtain a Certificate of Eligibility from the nearest VA Eligibility Center. Obtaining this certificate is as easy as filling out a form titled VA Form 26-1880.
Once you have obtained the certificate proving you are eligible for VA home loans, you will need to search the market for your dream home that fits within loan limits. After signing a purchase agreement, the lender will order an appraisal form from the VA. This must be a VA-approved appraisal, if time is of the essence the local VA office can assist you. During the appraisal process, you will fill out the loan application and determine what your monthly payment and interest will be. Once the appraisal is finished the VA home loans can be close with no further action.
VA home loans have grown in popularity with stricter lending laws and required down payments. If you are interested in securing VA home loans, consult a mortgage specialist who deals with the loan program and determine which home is right for you. With all of the advantages of VA home loans, it is a wonder why more are not taking advantage of this benefit.