The Ins And Outs Of VA Loans

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Va Loans for Vets provides and assists all veterans and active duty military with ALL of their VA Home Loan Financing Needs. Be a proud homeowner today. For more details call us at 480-351-5904 or visit our site http://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

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The Ins and Outs of VA Loans

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The Veteran’s Affairs Department of the U.S. government has offered guaranteed home loans for veterans for over 70 years.

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Both active duty military people and veterans can acquire financing to purchase homes through the VA home loan program.

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These mortgages offer benefits that make them a good option for many homebuyers.

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About the VA Guaranteed Home Loan

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VA home loans are guaranteed by the U. S. government.

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This guarantee means that, if you are unable to pay the loan, the government will ensure that the lending institution receives its payment.

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However, this guarantee of repayment is a desirable feature for lenders, who will be more inclined to provide the loan to the applicant.

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Most of the usual requirements for a loan apply, but the applicant must also provide documentation of their service record.

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Advantages of VA Guaranteed Home Loans

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Home buyers find that a home loan through the VA program offers a number of advantages:

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· No down payment is required if the price of the home does not exceed the appraised value.

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· Private mortgage insurance is not required, which keeps monthly mortgage payments low.

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· Closing costs may be paid by the seller of the property.

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· Closing costs are limited by VA rules.

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· No early payment penalty can be imposed.

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· The VA can offer advice and practical help if you have trouble paying for your home mortgage.

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Eligibility Requirements

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Applicants are required to provide a certain amount of documentation, just as they would for a conventional loan, such as:

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· Social security numbers and valid ID

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· Certificate of Eligibility that provides information on your current service, dates of previous service, discharge papers, or service benefits statements

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· Proof of employment, names of employers for the last two years. If self-employed, you must provide the last two federal income tax returns.

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· The last 60 days of statements from checking and savings accounts

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· The purchase contract

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· The appraisal of the property

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· Assurance that you will occupy the property yourself

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· Credit record

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· Credit card statements

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· Child care expenses

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· Corrections or clarifying information on negative credit reports

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Lending Institutions That Offer VA Loans

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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.

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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 .

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Refinancing A Home Through the VA Home Loan Program

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The VA loan program also has a method of refinancing home loans to make your mortgage more affordable.

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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.

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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.

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Our VA Loan Specialist helps veterans obtain the loans they are entitled to.

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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.

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Be a proud homeowner today.

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For more details call 480-351-5904 or visit the site www.valoansforvets.com

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VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com

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