Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

10 Benefits of Using Veterans Administration Home Loans

By Virendra Smith Subscribe to RSS | May 4th 2012 | Views:
loading
 
  



Owning a home is every family’s dream and perhaps an important decision for everybody. The VA or ‘U.S. Department of Veterans Affairs’ has guaranteed to eligible American veterans a VA home loan. In the event of a default, the VA assures to repay a quarter of the loan.

Eligibility for VA Home Loan

There are some criteria for qualifying for a VA home loan. It is mandatory for a potential borrower to ascertain his eligibility with the U.S. Veterans Affairs in order for the VA to verify and confirm his eligibility.

•The first eligibility factor is the requirement of active service in any military branch. This service should be a minimum of 90 days during wartime and a period of over 181 days during peacetime.

•Veterans affairs home loans are also given to those discharged due to disability caused by your service, some hardship or if the government requests a discharge after you have served for a minimum of 20 months of your 2 year recruitment.

•Personnel on active duty are eligible for veterans affairs home loans.

•Some reservists as well as National Guard members can qualify.

•Surviving partners of military personnel who lose their lives while on active service are eligible.

Benefits of Veterans Affairs Home Loans

There are numerous benefits of VA loans for veterans which makes it extremely popular.

•Firstly, you can purchase your home without any down payment.

•Prime mortgage insurance or PMI payments are excluded for eligible veterans.

•Origination costs and closing prices are limited by the federal government which will lessen your overall home price.

•A VA inspector has to inspect the property which protects him from purchasing a bad property.

•Military personnel can borrow VA loans for veterans up to 103.15% of the home value.

•A veteran can re-finance to reduce the rate of interest.

•If the borrower defaults, VA will provide some help.

•There is no penalty for prepayment.

•VA will permit selling your property and the new veteran can assume your old mortgage.

•VA loan interest rates are fixed for 30 years and are very low.

Processing a VA Loan

This is an uncomplicated process. Nevertheless, a few steps have to be followed for veterans administration home loans.

•A certificate of eligibility or COE has to be obtained for the loan.

•Apply for your home loan by providing the COE.

•The income and credit documents are reviewed by the lender which is then forwarded for approval to the VA underwriter. This process will take about a month.

•The veteran can then find a suitable home.

•A VA appraiser should inspect the home for the lender to finally approve the loan.

Virendra Smith - About Author:
Valoandesk offers special loan in cheap interest rate. For more detail click hear VA home loan, Veterans affairs home loans and veterans administration home loans.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/10-benefits-of-using-veterans-administration-home-loans.htm

Related Loans Articles Subscribe to RSS

Unemployed loans: Motivates Jobless People
Published by Jason Will on May 22nd 2012 | Loans
Only unemployed people can understand how much they suffer because of deficiency of monetary fund bu...
 
6 month payday loans UK – obtain cash according to your needs
Published by Hayes Davis on June 16th 2012 | Loans
6 month payday loans UK are helpful for salaried individuals. You’ve got the reimbursement period ...
 
Payday loans Canada- Get quick cash in the form of loan now!
Published by Joen Henry on May 23rd 2012 | Loans
By taking quick cash from payday loans Canada, you have the facility to fulfill unexpected credit wo...
 
Fast loans for people with bad credit- Great fiscal aid for bad credit borrowers
Published by Abnir Bond on July 13th 2012 | Loans
If you are bad credit people, you should apply for fast loans for people with bad credit in order to...
 
Instant online loans same day- the most convenient way to draw quick money
Published by Jacob Madox on July 23rd 2012 | Loans
If you are borrowing quick funds from instant online loans same day, you will be easily resolved une...
 
Cash loans no credit check- Perfect financial solution to meet cash hurdles
Published by Alton Kiels on March 27th 2012 | Loans
By taking instant funds with the assistance of Cash loans no credit check, you can easily overcome a...
 
Bad debt loans: Skip off Any Cash Disaster with Comfort
Published by Keron Breson on May 18th 2012 | Loans
Bad debt loans are the torches that throw light in the lives of bad debts holders so that they could...
 
Payday loans unemployed- Offers quick funds for borrowers
Published by Onner Smith on June 23rd 2012 | Loans
By acquiring quick funds via payday loans unemployed, you can overcome unexpected fiscal worries....
 
Check into cash payday loans- the best loan deal for tough times
Published by Riyt Leson on July 24th 2012 | Loans
By taking quick funds via check into cash payday loans, you can easily get rid of any kind of financ...
 
Small loans- Get small loans for your urgent needs
Published by Robert Mike on January 14th 2012 | Loans
Thus this article wraps up the point that with small loans you deal with a number of sudden expenses...
 
Payday loans Canada: Cash at Finger Tips
Published by Daryl Hurtig on March 20th 2012 | Finance
Payday loans Canada are as good as short terms loans and are popular among the salaried people of Ca...
 
Same day loans- Get freedom to overcome cash crisis
Published by Dalton Erwin on June 14th 2012 | Loans
Same day loans are considered to be ultimate financial solution for bad creditors who need quick cas...
 
12 month loans for bad credit: Does not care of your credit history
Published by Cameron White on November 26th 2011 | Loans
Get the scheme of 12 month loans for bad credit and make your life comfortable....
 
Need loans now – improve your financial situation with it
Published by Alvin on June 13th 2012 | Loans
Need loans now are designed such that it gets approved among a span of few hours. Since the funds ar...
 
Instant loans for people on benefits: Start Fulfilling Your Need
Published by Malvin Flec on April 7th 2012 | Loans
Suffering from any cash crisis due to your physical problem is really tough and so, instant loans fo...
 
Signature loans- Ideal form of financial help
Published by John Simen on July 18th 2012 | Loans
Signature loans are the best way to borrow money whenever you don’t have any assets to be pledged ...
 
Fast cash loans – source of quick and instant funds
Published by Johan Watson on June 4th 2012 | Loans
Fast cash loans are simply on the market as they're processed quickly, they are doing not need any d...
 
Provident loans- Useful financial help available online
Published by Jaren Lese on July 10th 2012 | Loans
Apply for provident loans and grab quick funds without any hesitation! These loans are quite unique ...
 
Easy cash loans- Tackle your respective financial issues now!
Published by Ricky Loyel on July 25th 2012 | Loans
If you are availing easy cash loans, you can easily overcome unexpected fiscal worries in no time....
 
Personal loans instant decision- Get quick finance for meeting cash hurdles
Published by Dervin Elbert on July 10th 2012 | Loans
Personal loans instant decision is termed as the best fiscal support for UK residents who are in nee...