Loan

The Veterans Home Loans Program Is Full Of Benefits For Its Users

eBenefits.Va.Gov – Veterans benefits extend way beyond the ability to receive disability payments or attend school for free to get a secondary education after discharge from the armed forces.

Yet many veterans aren’t aware of the details defining their own additional benefits, especially when it comes to the real estate for military members to purchase when they wish to join the homeowner ranks.

And, there’re many ways for the personnel who have served in the armed forces to use their govt-granted benefits that don’t just fall into the home loan category.

To begin, individuals who belong to this group of home buyers would find that one main advantage they could enjoy is to get a veteran home loan with little or no money down.

Also, interest rates for veterans real estate loans are usually much lower than what the other folks who have not served their country are able to secure. Veteran mortgage loans are also not subjected to penalty fees if the borrower decides to attempt prepaying the loan, a condition that is not on the table for the non-combatants of the group. eBenefits.Va.Gov

In addition, the military home loan doesn’t only have to be used for the purchase of a residence, as the acquired funds can also go towards making improvements within an existing home such as upgrading to energy efficient equipment or installing re-enforcers onto the property’s foundation for better protection against the elements. Solar heating and solar cooling are other improvements that are commonly made when using a military home loan for reconstructive purposes.eBenefits.Va.Gov

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To sweeten the deal even further, military employees who are granted the ability to receive a veterans home mortgage are not liable for mortgage insurance premiums that are due on a monthly basis for the non-veteran homeowners of the bunch.

Continuing, those who have served their country and are now in the market to buy real estate are automatically entitled to an appraisal of the property they are interested in – a step which is still mandatory for home buyers who do not qualify for veterans administration home loans, but one they have to arrange themselves as the automatic entitlement factor is not present for non-veterans. eBenefits.Va.Govveterans-home-loans-program

Veterans can moreover use their military real estate benefits by choosing to refinance an old home loan instead of buying another piece of property and hence having to apply for a new loan altogether. A tactic such as this one is usually utilized by those who are merely wanting to reduce the rate of interest that is paid on the loan.

One of the biggest points of contention during the process for buying a home is how much both the seller and the buyer are going to take care of monetarily when it comes time to close the deal. However, a person with military status using the veteran home loan program is guaranteed to have limited buyer closing costs at the end of the transaction, which is just another plus to fighting on behalf of the United States.

Veterans Home Loan Benefits Also Include The Ability To Acquire A Special Thirty Year Mortgage

Veterans continue their homeowner benefits by having the choice of signing up for a 30 year mortgage loan – an arrangement that comes with more than one type of plan available for repayment.

What are the details of the different plans intended for the re-payment of a 30 year veteran home loan?

A fixed payment of the traditional type is the first of the three veteran mortgage plans. A constant interest rate is the theme of this arrangement. In addition, a fixed payment plan comes along with a a potential increase or decrease in fees for homeowner’s insurance and the taxes paid on the property, with the possible rate change dependent upon the economy of the time. eBenefits.Va.Gov

Graduated mortgage payments for the owner of the veterans real estate gives that person the chance to begin the payoff process with lower monthly amounts, until the loan reaches its sixth year – at which time the payments will level out to a constant consistent fee each month.

The third way to repay a 30 veteran mortgage is through a process called “growing equity mortgage.” This plan includes payments that will gradually increase in value, but the funds are applied only toward the principal loan amount so it can be paid off more quickly by the property owner. eBenefits.Va.Gov

Why are the armed forces soldiers so seemingly in the dark when it comes to the veteran home loan benefits to which they are entitled as a reward for enlisting in the armed forces?

It can be a case of not reading every word in the military contract prior to signing it; the small print that comprises the documents can be the cause as trying to painstakingly read it can easily lead to sore eyes; or the person in question just may not be concerned about his or her rights and benefits as a veteran because he or she staunchly believes that to become a homeowner is not a future possibility.

Whatever the reason, gaining knowledge about the house buying process is a surefire way to enjoy the benefits associated with military home loans, on top of eventually coming to the realization that owning a home is not such a far reaching dream after all.eBenefits.Va.Gov

Buying a home & selling a home are two of the most important milestones ever experienced by many during their lifetimes. Both the home selling process and home buying process could prove to be complicated. Therefore, hiring a real estate agent is the way to go. I specialize in Lakewood, California homes. And because I grew up in the area, I’m therefore a local real estate agent who is very familiar with the community and its associated amenities. If you are looking to buy or sell property in Lakewood or even Long Beach, contact me ASAP so together we could find your dream home.

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eBenefits.Va.Gov: Obtaining a VA Home Loan

When a person has served in the military and wants to purchase a house, one of the first things they should do is look into a VA home loan. This loan enables a buyer the chance to purchase a house with no money down. It’s possible they may not be required to pay mortgage insurance every month. There could be limitations on closing costs paid by the buyer. And an appraisal detailing the value of a property could also be provided.

What Amount of Time Is Required?

Answering this question with any accuracy can be difficult. The majority of VA loans are able to be closed within 45 days. This is common in the mortgage industry. There are a number of steps in the approval process and getting preapproved is one way to shorten the closing time. Preapproval means a person has met the lender’s basic requirements for a loan before starting the process. The timetable for a seller to move out of the house and a buyer to move into the house can impact the closing time. An agreed upon moving date can also make the process longer or shorter. The VA appraisal also plays a role. Should the appraiser make the loan based on necessary repairs, the closing date could be extended by weeks and sometimes even months. After an appraisal, the VA loan must then go through the underwriting process. This is the final step. The need for more documentation or resolving eligibility issues can cause the closing date to be extended.

How much income do I have to make to get approved?

When a person applies for a VA home loan, they will hear about a formula known as the debt-to-income ratio (DTI). The DTI takes the VA loan applicant’s monthly debt payments and compares them to their gross monthly income. A lender will focus on monthly debts such as the cost for housing, unsecured debts and more. The DTI ratio benchmark for a VA loan is approximately 41 percent. When it is more, a lender may want additional financial information. Should a person have a high percentage of debt when compared to their income, they shouldn’t give up. Some lenders will provide a VA loan with higher DTI ratios. eBenefits.Va.Gov

How much time do I need to have on active duty to get a VA loan?

The first step in applying for a VA loan is to complete and submit VA form 26-1880. This is to request a Certificate of Eligibility. This certificate is provided by the Veterans Administration. It is proof a person is eligible for a VA loan. It does not guarantee a person will be approved for a loan. The length of time required on active duty is determined by when a person was in the military. A person who served in the Gulf War must have completed 24 months of continuous active duty or for at least 90 days and received an other than dishonorable discharge. A person will qualify if they served during this time for less than 90 days but have a service-connected disability. To learn specific length of service requirements for a VA loan, contact the Veteran’s Administration.

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. Be a proud homeowner today. For more details call 480-351-5904 or visit the site http://www.valoansforvets.com/

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Veteran Home Loans: Regular Purchase

eBenefits.Va.Gov – Veteran Home Loans offer a veteran up to 100% of the cost of a home. It means that a veteran doesn’t have to make payment out of his own pocket. He simply has to prove his eligibility to avail of these government loan benefits by producing certain required documents. He must present a letter issued by the defense department certifying that he has a certain number of years of service with the American Military. This is called a Certificate of Eligibility. It will also state that the veteran has conducted himself honorably during the tenure of his service & that his discharge from the US Military service was on regular grounds. The following persons also qualify for this type of veteran loan:

• Surviving spouses.

• Service members who have been on active duty. This includes officers of the public health service who were commissioned for duty, including those who work in the National Oceanic & Atmospheric administration.

• Reserve and National Home Guards who had to perform active duty. eBenefits.Va.Gov

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The entire process of applying for Veteran Home Loans is simple. The first step is to get in touch with a professional lender who will examine your documents and establish your eligibility including the fact that the government loan that you are planning to apply for is for the home where you will be living in. Of course, it goes without saying that the cost of the unit that you plan to purchase must be equal to or more than the amount of loan that you are applying for. Besides he will also examine your income statement which should reveal that you would be able to comfortably meet the monthly-equated installments and have sufficient balance in your income after the monthly re-payment to run your home easily as well as to meet all minor eventualities. eBenefits.Va.Gov

Some of the special benefits of the Veteran Home Loans for the veterans are summarized below-

1. They can borrow up to maximum limit of $417,000.eBenefits.Va.Gov

2. This veteran loan program does not require any initial payment from the veteran.

3. The U.S. Government will establish certain limits to the amount of closing costs and origination fees that the lenders charge, as well as their fees. These limits will be usually in favor of the borrowers.

4. The borrower is absolved from having to pay the cost of private mortgage insurance.

5. These Government Loans can be finalized within a week to ten days.

eBenefits.Va.Gov

Get Yourself a VA Loan

eBenefits.Va.Gov – Have you spent time in the past serving our country? We owe you mountains of gratitude for your own brave service. Now that you are out of the service, there are some things that we are trying to do even to repay you in little ways for all the great things you have sacrificed for us. If you are having trouble making ends meet with the money that you’re receiving, then perhaps you could benefit from taking out a veteran loan. eBenefits.Va.Gov

va loanThese va loans are available to those individuals who have served our country during times of war as well as during times of peace. There are many specifications as to who can qualify for these types of loans. All of the information that you could want will be at the US Dept of Veterans Affairs web-site. There are factors such as if you were honorably discharged & how many days you were actually in the service. Take a minute to look up the requirements and ask yourself if you meet those criteria. If you do, you can take the next step of applying for a veteran loan.’

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This is one way that you can get lower interest rates and therefore lower your monthly payments in order to have a better financial outlook for the future. You can apply for one of these veteran loans right on the computer if you have access to the internet. It will only take about 24 hours until we get back to you with more information about your application. It is so simple and you shouldn’t wait another minute before deciding if a veteran loan is a good choice for you.

eBenefits.Va.Gov

Low VA Rates ( http://www.lowvarates.com/ ) can helps its clients find lowrate veteran loans.

Billings Farnsworth is a freelance writer.

Veterans Home Loans: Regular Purchase

eBenefits.Va.Gov

veterans home loansDo you know if Veteran Home Loans can give a veteran up to 100 %of the cost of a home? It means that a veteran does not have to make payment out of his own pocket. He simply has to prove his eligibility to avail of these government loan benefits by producing certain required documents. He must present a letter issued by the defense department certifying that he has a certain number of years of service with the US. Military. This is called a Certificate of Eligibility. It will also state that the veteran has conducted himself honorably during the tenure of his service and that his discharge from the U.S. Military service was on regular grounds. The following persons also qualify for this type of veteran loan:

• Surviving spouses.

• Service members who have been on active duty. This includes officers of the public health service who were commissioned for duty, including those who work in the National Oceanic & Atmospheric administration.

• Reserve and National Home Guards who had to perform active duty.

The entire process of applying for Veteran Home Loans is very simple. The first step is to get in touch with a professional lender who will examine your documents and establish your eligibility including the fact that the government loan that you are planning to apply for is for the home where you will be living in. Of course, it goes without saying that the cost of the unit that you plan to purchase must be equal to or more than the amount of loan that you are applying for. Besides he will also examine your income statement which should reveal that you would be able to comfortably meet the monthly-equated installments & have sufficient balance in your income after the monthly repayment to run your home easily as well as to meet all minor eventualities.eBenefits.Va.Gov

Some of the special benefits of the Veteran Home Loans for the veterans are summarized below-

1. They can borrow up to maximum limit of $417,000.

2. This veteran loan program does not require any initial payment from the veteran. eBenefits.Va.Gov

3. The U.S. Government will establish certain limits to the amount of closing costs and origination fees that the lenders charge, as well as their fees. These limits will be usually in favor of the borrowers.

4. The borrower is absolved from having to pay the cost of private mortgage insurance.

5. These Government Loans can be finalized within a week to ten days.

The Advantages of a Veterans Administration Home Loan (VA Loan)

eBenefits.Va.Gov

Enough Cash Is Never Enough

Nowadays more that ever lots of US Citizens have found themselves a little cash-strapped for many reasons usually related to these financially turbulent times. College tuition may be looming as children grow up, a home may need improvement to elevate  or sustain its value, or it may be time to make a high-ticket purchase. Many have found the cash relief they need by taking a debt consolidation loan.veterans administration

Some folks may have been watching home loan interest falling to surprising lows & want to take advantage of them so they can keep more money in their pockets on a month-to-month basis. If your nose is to wind for any of these reasons, it may be time for you to consider your options, to include refinancing your own Veterans Administration Home Loan (VA Loan).

eBenefits.Va.Gov

VA Loan Interest Rate Reduction Refinancing Loan

The Veterans Administration Home Loan division has erected a deal called the Interest Rate Reduction Refinancing Loan (IRRRL) to provide a way for those veterans and service members to lower their monthly interest rates with no out-of-pocket expenses. These loans do not require the rigamarole of starting a home loan from scratch and they are executed in a lot speedier fashion than a typical loan or refinancing application. This refinancing allows the borrower to get the lower interest rates available today rather than the high rates charged prior to the recession. One stipulation: this program is available only to those veterans and service members who are are redoing their ORIGINAL VA Home Loan and who are using their original eligibility to get a lower rate with a different lender.

No Out-of-Pocket Expenses

When investigating the IRRRL for a VA Home Loan you will find the terms No Cost and Streamline. Basically, this means that you will not have to have cash to do the deed and that the process can be completed rather quickly. Refinancing always incurs extra fees and other costs. These can simply be added to the loan or the lender may be asked to cover those costs, but usually at the expense of a little higher interest rate. Still, the rates will be lower. To get the absolute lowest rate that you can get, you can get the market rate or actually buy down you rate and roll all the closing costs into the refinancing.

eBenefits.Va.Gov

Use a VA Home Refinancing to Pull Out Home Equity

You may be overwhelmed with debt – a bunch of pesky little debts that have grown unmanageable. These debts will often include too much high-interest credit card debt. Debt consolidation can roll all those debts into one so that you have manageable payments less than the aggregate payment of all those loans, with an interest rate lower than all those loans, and all due at one time to one creditor. That right there makes restful nights possible. Of course, as mentioned, you may need the refinancing for school, home improvement or some other pressing need. What happens is the VA refinance transaction will pay off the current VA Home Loan with your new VA Home Loan and any cash left over can go into your budget for the appropriate application. This is typically called a Cash Out refinancing.

eBenefits.Va.Gov

VA Home Loan Stipulations

Cash Out refinancing must be used only for homes that are a principle residence of the loan holder. This VA Home Loan refinancing can go for up to 100% of the appraised value including all closing costs and other fees. No minimum time of occupancy is required, though your home must have enough equity left according to an appraisal done by a qualified VA Home Loan appraiser.eBenefits.Va.Gov

Sarah Dinkins is a financial advisor who has been associated with Unsecured Personal Loans since long ago. She also holds a master degree in economics from Harvard University. To find home loans with bad credit and other financial products visit BadCreditFinancialExperts.com