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
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.
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.