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

Need payday loans now – take cash in your hand without any delay
Published by Nathan on March 30th 2012 | Loans
Need payday loans now currently assist you to fulfill your emergencies that pop up all of a sudden? ...
 
Student loans with bad credit- Perfect credit support for students
Published by John Simen on July 2nd 2012 | Loans
If you are availing quick funds via student loans with bad credit, you can meet higher education in ...
 
Payday loans no credit check- the ultimate way to meet fiscal worries
Published by Kelin Smith on July 18th 2012 | Loans
If you have acquired instant funds through payday loans no credit check, you can easily manage small...
 
Door to door loans: Key to Fix Up Fiscal Hardships
Published by Johntygolf on May 31st 2012 | Loans
Door to door loans are the keys for your fiscal hardships, which allow you to have money at once to ...
 
30 day cash loans- Meet unexpected fiscal trauma with these loans
Published by Jon Kohli on July 13th 2012 | Loans
In fact, 30 day cash loans are the right form of financial help that suits your financial requiremen...
 
No credit check installment loans- Systematic tool for borrowers
Published by Denis Deny on June 6th 2012 | Loans
By availing no credit check installment loans, you can overcome short-term financial expenses withou...
 
No fax payday loans- Avail quick fund with ease!
Published by Baldwin Will on January 12th 2012 | Loans
To get rid of any fiscal woes, you should go for no fax payday loans which can be availed with ease....
 
Payday loans no credit checks- Unique cash support for bad creditors
Published by Keron Breson on July 9th 2012 | Loans
The payday loans no credit checks are unique loans that allow borrowers to raise funds at the time o...
 
Same day cash loans within a few short seconds
Published by Angela on January 4th 2012 | Loans
Same day cash loans are the most interesting and quickest kind of advances as they will always help ...
 
Online loans instant approval- Meet any unexpected financial needs today!
Published by Ross Futher on June 5th 2012 | Loans
Once you grab instant funds via online loans instant approval, you are free to utilize the money in ...
 
Pay day loans Georgia- Batter financial help available online today!
Published by Honard Nork on May 22nd 2012 | Loans
By availing pay day loans Georgia, you can easily meet unexpected financial crisis without any delay...
 
Christmas cash loans - meeting all your requirements during Christmas.
Published by Jake Butler on November 25th 2011 | Loans
Christmas cash loans can help you realize your dream of enjoying the celebration the way you hoped ...
 
Same Day Cash loans – Avoid Financial Tensions and Receive Cash within 24 Hours
Published by Andra Nail on June 5th 2012 | Loans
Same day cash loans permit you to arrange cash anytime within few hours. It is simple and easy to se...
 
Installment loans online - Grab quick cash without any delay
Published by Beidhi Ceeper on May 9th 2012 | Loans
If you are taking quick cash via installment loans online, you can overcome any financial hurdles wi...
 
30 day payday loans- Great financial help available for 1 month
Published by Bailey Molton on April 17th 2012 | Loans
The availing fund from 30 day payday loans is useful to meet your monthly financial budget....
 
Direct deposit loans- Good financial aid for borrowers
Published by Rex Moshe on July 3rd 2012 | Loans
If you are getting quick funds via direct deposit loans, you can manage unexpected financial trauma ...
 
Payday loans online - find out
Published by Julia Bennet on January 4th 2012 | Loans
Nowadays, there are a lot of people who are using the Internet in order to obtain some kind of finan...
 
45 day loans- Acquire quick cash and relieve unexpected fiscal worries now!
Published by Bailey Molton on May 18th 2012 | Loans
By taking 45 day loans, you can utilize money for more than 1 month and 15 days to arrange fiscal wo...
 
Debit card loans- Availed money can be used for personal use
Published by Nain Seek on November 28th 2011 | Loans
For those people who hurdle with financial crisis may easily obtain debit card loans without any has...
 
Savings account payday loans-Improve your credit ratings!
Published by Micles Jonson on May 30th 2012 | Loans
To get rid of any financial crisis, you need to apply for savings account payday loans available onl...