va mortgage loan For Veterans

2008-04-28 12:07:52

( Financial )



If you are a military veteran or in active military service you can get a va mortgage loan.

The va loans mortgage center will tell you all you need to know to refinance or buy the home you have always dreamt about, and at the same time get you the beset interest rate on your loan.

A va mortgage loan center exists for 2 reasons
1. To inform current and ex military personnel about the benefits of a va mortgage loan.
2. To give you access to loan specialists who will help you through the va loans process.
3. You can even find a handy va loan calculator.

Do you qualify for a va mortgage loan?
If you are a veteran you almost certainly qualify for Veteran Affairs benefits – like va loans. This type of loan is generally your best option as a veteran who plans to buy a new home or even refinance a home mortgage you already have.

Your va benefits
The department which administrates these benefits was founded in 1930. Its aim was to provide a number of financial benefits for you the veteran and your dependents. Va mortgage loans were the most important of these.

Prequalify for a loan online – get a certificate of eligibility and prequalify.

Why is a va loan a better option than a conventional loan?
Va loans are a much better option especially if you are buying for the first time and have no or very little money to put down.

A va loan doesn’t come with private mortgage insurance as does a conventional loan. In some cases, these insurances may equal over 80% of the loan value.

A va loan also enables you to streamline refinance (if you can refinance at a lower rate and you don’t have to requalify for the loan). The rate is very competitive and there are no closing costs.

Why? Because va loan involves a list of fees which are unchangeable.

A guaranteed va loan?
This means that the VA will guarantee your loan if you default. But you are not guaranteed a loan – you still need to qualify based on your credit and income.

A VA loan only considers the last 12 month period of your credit.

This is the case unless tax liens, bankruptcies and collections adversely impact your application.


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