America’s veterans have sacrificed their time, their limbs, and sometimes their lives to protect their country. Now it’s time to repay those who’ve survived by helping them access VA mortgage programs so they can have decent, safe homes to live out their lives in.
Pittsfield, MA -- (SBWIRE) -- 07/31/2013 -- Real-estate-yogi.com is here to support these valiant persons by offering insight into this subject, such as:
- VA Guaranty
- Defining VA Loans
- Benefits of VA Loans
- VA Mortgage Eligibility
Department of Veterans’ Affairs Guaranty Program
One VA mortgage program has helped over 15 million veterans, active duty personnel, and qualifying surviving spouses obtain loans to build or restore single-family homes: the VA Guaranty program. It provides home loan guarantees and other helpful housing options for any military member who qualifies for the program. The loans guaranteed cover the purchase of a new home, refurbishing of an older one, the process of making an existing home handicapped-accessible as necessary, and the building of a brand new house.
Apply For VA Mortgage Loans At Low Rates From VA Mortgage Companies
VA Mortgage Defined
Before looking into VA mortgage companies, it’s wise to know exactly what a VA home loan is. A VA loan is the most flexible, powerful programs for veterans in existence these days. The VA guarantees roughly a quarter of the total amount of the loan in case a borrower defaults. Because of the guaranty, VA-approved lenders are better protected when financing military borrowers, which generally results in competitive interest rates and terms. This makes them quite desirable to those who meet eligibility requirements.
Advantages of VA Mortgages
While searching for the right VA mortgage companies, understand the advantages of VA loans. Above all else, the borrower’s ability to purchase a home with no down payment is the biggest draw. VA loans also have less strict underwriting standards than traditional loans, without which over 80% of applicants would not have a home. They also have no private mortgage insurance requirement. VA loans have no pre-payment penalties and the sellers pay up to 6% of concessions and closing costs.
Qualifying Information
To qualify for any VA mortgage program, one must obtain a Certificate of Eligibility from the VA. Any military personnel who have served 3 months consecutively during war time or 181 days of active duty qualify. National Guard members who have served a minimum of 6 years can obtain a VA loan, as can some surviving spouses of those killed in duty. Keep in mind that everybody who meets the eligibility requirements will not necessarily receive a VA mortgage loan.
About Real-Estate-Yogi.com
www.real-estate-yogi.com is a highly regarded, no-cost website that provides reasonable, intelligent answers to the property financing inquiries of its consumers. Available 24/7, there’s always a knowledgeable staff member on hand to speak with. Dial 1-800-987-1397 for a free consultation.