The Ins and Outs of VA Loans
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Transcript of The Ins and Outs of VA Loans
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: [email protected]