The Veteran’s Affairs Department of the U.S. government has offered guaranteed home loans for veterans for over 70 years.
Both active duty military people and veterans can acquire financing to purchase homes through the VA home loan program.
These mortgages offer benefits that make them a good option for many homebuyers.
This guarantee means that, if you are unable to pay the loan, the government will ensure that the lending institution receives its payment.
However, this guarantee of repayment is a desirable feature for lenders, who will be more inclined to provide the loan to the applicant.
Most of the usual requirements for a loan apply, but the applicant must also provide documentation of their service record.
Home buyers find that a home loan through the VA program offers a number of advantages:
· No down payment is required if the price of the home does not exceed the appraised value.
· Private mortgage insurance is not required, which keeps monthly mortgage payments low.
· The VA can offer advice and practical help if you have trouble paying for your home mortgage.
Applicants are required to provide a certain amount of documentation, just as they would for a conventional loan, such as:
· Certificate of Eligibility that provides information on your current service, dates of previous service, discharge papers, or service benefits statements
· Proof of employment, names of employers for the last two years. If self-employed, you must provide the last two federal income tax returns.
Not all lending institutions offer VA home loans. However, many do, and these lenders may have departments or personnel who are trained in the special requirements of the VA program.
The lending institution is not obligated to provide a loan to those who apply. However, these institutions understand that having the loan amount guaranteed by the government makes it an attractive risk.
The VA loan program also has a method of refinancing home loans to make your mortgage more affordable.
The Interest Rate Reduction Refinance Loan, often called the IRRRL, is a streamlined process that allows homeowners who have VA guaranteed loans to refinance at a lower interest rate, without having another appraisal or credit underwriting to qualify.
Any costs of the refinancing can be rolled into the new loan, so that the applicant does not have to provide out-of-pocket money during the process. Both fixed rate and adjustable rate mortgages are available.
Our VA Loan Specialist helps veterans obtain the loans they are entitled to.
He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.
For more details call 480-351-5904 or visit the site www.valoansforvets.com
VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: email@example.com