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

Ez pay loans - Perfect financial plan to meet cash crunch
Published by Freedy Cort on June 13th 2012 | Loans
If you are taking instant funds via ez pay loans, it is feasible for you to arrange unexpected fisca...
 
Installment loans not payday loans- Right choice of financial aid available online
Published by Denis Deny on July 4th 2012 | Loans
If you are acquiring quick funds via installment loans not payday loans, it is feasible for you to m...
 
Payday text loans urgent cash at your doorstep
Published by Tomy Loans on January 25th 2012 | Loans
Payday Text Loans from financial support text are shorter and faster and provide a good amount of up...
 
Personal loans for unemployed: Get Your Own Money
Published by Michael Tory on March 24th 2012 | Loans
Personal loans for unemployed is a kind of special tribute for those who have lost their jobs due to...
 
Unsecured bad credit loans: Quick and Tension-Free Monetary Support
Published by Jeckel Hery on May 12th 2012 | Loans
Unsecured bad credit loans have brought comfort to all people living with critical conditions and wa...
 
Monthly payday loans- Financial crunch can be resolved
Published by John Simen on May 31st 2012 | Loans
In order to solve any cash issues, you need to apply for monthly payday loans with the aid of simple...
 
12 Month loans- Unique loan with flexible repayment option
Published by Lewis Jasvin on April 17th 2012 | Loans
If you want to avail loan with longer time of repayment then 12 Month loans is the right option for ...
 
Business loans or business grants what is better?
Published by Macrobusinesscapital@gmail.com on December 10th 2011 | Finance
Pumping up your business with adequate funds is always what you need as an entrepreneur. To get the ...
 
Acquire yourself safe with unsecured loans for bad credit
Published by Ian Foster on January 6th 2012 | Loans
Secure loan with bad credit is approved as small as twenty four hours as you don’t require to put ...
 
Payday UK loans-An Immense Pecuniary Aid
Published by Jermy Fort on December 3rd 2011 | Loans
Payday UK loans are given to the borrowers within a day, At the same time, this source of cash is be...
 
Fax free payday loans- Feel happy with availing of instant funds
Published by Ponting Sarad on June 8th 2012 | Loans
If you are acquiring instant funds via fax free payday loans, you don’t need to feel tense about m...
 
Quick loans for people with bad credit- Financial assistance for borrowers!
Published by Aldenn James on March 15th 2012 | Loans
If you have obtained quick cash via quick loans for people with bad credit, it is quite flexible for...
 
Cheap payday loans- Best alternative to meet redundant situation
Published by Denis Deny on December 6th 2011 | Loans
Cheap payday loans are supposed to be great financial solutions for quick relief of financial crunch...
 
Fast loans for bad credit- Get quick cash at the right time!
Published by Albert Bells on May 7th 2012 | Loans
By availing quick cash via fast loans for bad credit scheme, you have the right option to meet fisca...
 
Checking account loans- Easy loan available widely online
Published by Morgan Sadyu on May 23rd 2012 | Loans
Now, checking account loans is a great fiscal support available online. The funds can be useful to m...
 
No fax installment loans- Add to your monthly financial expenses
Published by Benton Nhester on May 28th 2012 | Loans
If you are taking instant funds via No fax installment loans, you can fight against any financial cr...
 
Txt loans - Rapid Manner to Avail Rapid Money
Published by Jack Cook on March 2nd 2012 | Loans
Txt loans do not need much of faxing from the borrower since he applies with an online form as well ...
 
Salary advance loans- Possibility to acquire instant funds
Published by Georgia Bart on July 6th 2012 | Loans
By getting quick funds via salary advance loans, you can overcome unexpected fiscal worries. These l...
 
Payday advance loans- Get instant funds without any hassle
Published by Alan Cruzs on July 3rd 2012 | Loans
By getting quick funds via payday advance loans, you can meet unexpected fiscal worries in the least...
 
Online loans: Perfect Ways of Saving Time and Availing Funds
Published by Kert Kills on June 14th 2012 | Loans
Online loans are the rocking ways of saving time and even of availing funds to fix up necessities fr...