What is a VA Loan? | A Complete Guide

What is a VA Loan? | A Complete Guide
 

Veterans Affairs mortgages also known as VA Loan is a program that helps servicememers, veterans and their families to buy homes. It is also known as GI Bill of Rights. It became known in 1944. This program is signed into law by President Francklin D. Roosevelt. The main purpose of this program is to help the veterns and their families to buy their dreamed house. With the help of this veterans affairs program, the dream of personal home ownership became true for millions of veterans.

Veterans Affairs program does not make loans, but sets a terms and conditions that who may qualify and guarantees any loan made under this program.

Eligibility Criteria

Most members of the regular military, veterans, reservists and National Guard are eligible to apply for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability also can apply.

According to the terms and conditions of Veterans Affairs program, the current military officeres generally qualify after siz months of their service. Reservists must wait for six years to apply but most reservists may also qualify during their active duty. But Veterans Affairs loan is not for those veterans that meet the basic service requirements that is set by the Administration of Veterans Affairs. If the military member is died while serving his duty, then his spouses can also apply for this program and will be eligible for Veterans Affairs program.

Necessary Conditions to Apply :

  • You have served 90 consecutive days of active service during wartime
  • You have served 181 days of active service during peacetime
  • Suitable credit and sufficient income
  • A valid VA home loan COE that verifies to lenders that you qualify for benefits
  • Service Documents
  • Certification that you will occupy the home
  • You have more than 6 years of service in the National Guard or Reserves
  • You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability

Advantages of a VA Loan

  • The main advantage of VA Loan is that the eligible members are not ask to have a down payments
  • There is no any monthly mortgage insurance premiums
  • In VA Loan, there is low interest rates than other loans. VA loans continue to have the lowest average interest rates of all loan types
  • Without any financial penalities fee, VA eligible members can pay off a loan early
  • The eligible members of VS Loan may be able to have some take over your mortgage payments
  • There is a flexibility in credit requirements
  • VA Loan program is a life time advantage. In fact, those who’ve earned it can use this program over and over again throughout their whole life

How to Apply for a VA Loan

  • Familiarize yourself with the broad VA Loan eligibility requirements above
  • Contact a VA-approved lender like Veterans United Home Loans and start your VA Loan application
  • Obtain your Certificate of Eligibility through your lender or on your own
  • Finalize your loan application and provide all necessary paperwork to your lender
1 comment
  • Yadav ĄkhįŁ Posted on September 7, 2018 7:49 pm

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