Short Notes on Benefits of VA Loan for All Veterans

Short Notes on Benefits of VA Loan for All Veterans

VA-eligible borrower Charles, a US Army Sergeant serving in Afghanistan, wants to use his veteran benefits to buy a house in the States but meets difficulties due to misinterpretation of strict occupancy requirements for VA-guaranteed loans. Ten days before closing Charles' lender stops the VA home loan process because his loan officer thinks the VA occupancy guidelines cannot be met as Charles is deployed overseas. Frustrated, Charles' real estate agent contacts over 10 lenders and none of them are able to help. Finally, she connects with iFreedom Direct® VA Loan Specialist Margo, who offers her expertise in the VA home loan process and rescues the loan. She is able to clear up the VA loan myth regarding owner occupancy and clarifies that the VA is lenient when it comes to deployed service members using their home loan benefits. Charles' loan can proceed and he is able to purchase his home with VA financing.

http://falamosportugues.com// VA Loan Myth: All Lenders Understand the Military Mortgage Process

One of Moon's prime motivations for launching VA Loan Captain was to give veterans a safe place to obtain home financing. His company has so far vetted four banks - mandating that each sign a guarantee pledge that blends ethical, legal and compliance ... Mortgage woes afflict high rate of active troops, veterans

Back in 1944, the VA Home Loan Program was created initially for the benefit of all service personnel who had served in World War II. Recent changes however have enabled even those on active duty to be eligible for VA home loans. The purpose of the VA loan was to make it possible for all those veterans who had served America in the country and abroad to own their own home irrespective of their credit history. The government wanted to save them from the hassles other civilians had to endure to get a home loan like a good credit history, down payment, closing costs, and so on.

 

The Purpose of VA Loan

 

The concept of a VA loan is designed to be beneficial to the borrower. Every attempt is made to make home buying an easy and affordable experience but at the same time a safe experience. The government realized that a lot of the veterans spent years in overseas service and thus they do not have a good credit history.

Some of them do not have enough savings for a down payment. The government wanted to ensure they had a home to go back to at the end of their long service to the nation and hence was started the VA loan and VA refinance.

 

Lenders Backed By the VA Loan Program

 

Lenders who lend to the veterans are assured of the repayment of their loan by the VA loans Program. The only criteria the veterans have to fulfill is a satisfactory payment history. They should have a history of having paid their bills, rent, and car insurance regularly. They should also show some proof of current income or anticipated income. This income should leave them enough to meet the mortgage payment after assuring the veteran and his family of a decent standard of living.

They have therefore to show a FICO Credit Score of at least 602.

 

Advantages of A VA Loan

 

The advantage of getting a VA loan is that you are protected by the Veterans Administration department. There is a VA inspector who ensures that you are not cheated. VA refinance options are available at lower interest rates. Refinancing is possible in the streamline process without a credit check and usually without an appraisal. Documentation required is also minimal. Moreover the VA will not allow its member to be overcharged in service fees by the lending agency. VA loans can be taken over by a buyer. The new buyer will assume-ability and take over the old loan. The VA functions as an umbrella to protect its members.

 

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Question by pitclean: How hard it will it be for me to use my Veteran Home Loan that is guaranteed, I am a Honorably discharged Vet.? Will the mortgage crisis affect my VA Loan, and will i still be able to use the clause of no money down to purchase a home??? Best answer for How hard it will it be for me to use my Veteran Home Loan that is guaranteed, I am a Honorably discharged Vet.?:

Answer by golferwhoworks
still the same I am a mortgage banker in TN & KY

Answer by suz
They have not changed the loan criteria for a VA loan and likely will not. You will still have the same eligibility and it will still be 100% financing. The govt is not very worried about these loans as they are already govt backed against default

Answer by Steve qa
VA loans can be affected by a number of things but, based on what you have said you will have no issue. The VA has 2 types of loans that have fluxuated, a business from $ 400,000-$ 650,000, a home loan from $ 200,000-$ 500,000 and, rates from 0% for disabled veterans to a max of 2% interest. Some types loans can artificially improve your credit allowing to barrow more and, barrow more to start a business. The best thing to do is get 6 veterans to in to business togeather and, have over $ 3.5 million capital base.

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