The Veteran’s Affairs Department of

the U.S. government has offered

guaranteed home loans for veterans

for over 70 years.

Both active duty military people and

veterans can acquire financing to

purchase homes through the VA

home loan program.

These mortgages offer benefits that

make them a good option for many

homebuyers.

About the VA Guaranteed Home Loan

VA home loans are guaranteed by

the U. S. government.

This guarantee means that, if you are

unable to pay the loan, the government

will ensure that the lending institution

receives its payment.

However, this guarantee of repayment is

a desirable feature for lenders, who will

be more inclined to provide the loan to

the applicant.

Most of the usual requirements for a

loan apply, but the applicant must

also provide documentation of their

service record.

Advantages of VA Guaranteed

Home Loans

Home buyers find that a home loan

through the VA program offers a

number of advantages:

· No down payment is required if

the price of the home does not

exceed the appraised value.

· Private mortgage insurance is not

required, which keeps monthly

mortgage payments low.

· Closing costs may be paid by the

seller of the property.

· Closing costs are limited

by VA rules.

· No early payment penalty

can be imposed.

· The VA can offer advice and

practical help if you have trouble

paying for your home mortgage.

Eligibility Requirements

Applicants are required to provide a

certain amount of documentation, just

as they would for a conventional loan,

such as:

· Social security numbers and

valid ID

· Certificate of Eligibility that

provides information on your current

service, dates of previous service,

discharge papers, or service benefits

statements

· Proof of employment, names of

employers for the last two years. If

self-employed, you must provide the

last two federal income tax returns.

· The last 60 days of statements from

checking and savings accounts

· The purchase contract

· The appraisal of the property

· Assurance that you will occupy the

property yourself

· Credit record

· Credit card statements

· Child care expenses

· Corrections or clarifying information

on negative credit reports

Lending Institutions That

Offer VA Loans

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.

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.

Refinancing A Home Through the

VA Home Loan Program

The VA loan program also has

a method of refinancing home

loans to make your mortgage

more affordable.

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.

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.

Our VA Loan Specialist helps veterans

obtain the loans they are entitled to.

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.

Be a proud homeowner today.

For more details call 480-351-5904

or visit the site

www.valoansforvets.com

VA Loans for Vets

7702 E. Doubletree Ranch Road, Suite 220

Scottsdale, AZ 85258

Phone: (480) 351-5904

Email: jimmyv@fcbmtg.com