Pittsfield, MA -- (SBWIRE) -- 04/04/2013 -- Real-estate-yogi.com has gathered information about VA home mortgage loans and is honored to share it, including:
- VA Loan Guaranty
- Advantages of VA Loans
- Eligibility Requirements
- Buying Process
VA Mortgage Guaranty
A veteran in the U.S. is entitled to a guaranteed VA loan mortgage. This is helpful for those veterans who have found it difficult to obtain financing elsewhere. VA mortgage loans are handled by private lenders and the VA itself seldom becomes involved. However, the VA “guarantees” a portion of the loan. This means that if there is a problem making the payments, the lender can come to the VA for coverage of any costs it incurs. The VA guaranty is insurance for the lender.
VA Mortgage Loan Advantages
Lenders are inclined to offer good terms if someone has a VA guaranty behind him. One such term for VA home mortgage loans is that there is no down payment necessary, as long as the home’s price isn’t more than its appraisal. There is no need for private home insurance, and VA sets the limit for closing costs. Lenders cannot charge a fee for early pay-off. One does not have to be a first time buyer, and he can reuse the benefit.
Apply Here to Get Approved for VA Mortgage Loans and Lower Home Monthly Payments
Qualifications for VA Mortgages
Eligibility requirements for VA home mortgages include having good credit and enough income to be able to make the payments; the house must be for one’s personal use, not a rental property; and there are specific regulations governing the years and times served on active duty. An unremarried spouse of a veteran can also apply for VA loan guaranty under particular circumstances, such as if the veteran was killed while on active duty or the spouse is married to a prison of war or a veteran who is missing in action.
Home Buying Process
The first step in using VA home mortgage loans is to hire a realtor to help find the perfect house. Try to get pre-approved for financing at a lender that participates in the VA program. This enables someone to know how much he is eligible to borrow. Get a Certificate of Eligibility (COE), which can be obtained online at the VA site. Choose the home desired and sign a purchase agreement that includes a VA Option Clause. Apply for the loan and get that house!
About Real-Estate-Yogi
Real-estate-yogi.com is a companion to all U.S. veterans located in Pittsfield Massachusetts. It connects these good people with professionals who can supply excellent real estate advice – for no cost. To get a free consultation, dial 800-987-1397.