Veterans Administration Loan

How Military VA Home Loans are Beneficial

The best loan option available to veterans of the military is the VA, or Veterans Administration, Loan. This is a loan that gives active duty military personnel and veterans an opportunity to buy a home with little or no down payment.

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Qualifications If you served 90 days of active duty during wartime or 181 days during a time of peace prior to September 7, 1980, you are likely to qualify for a VA Loan. If you served after this date, you may have to complete 24 months of continuous active service. The exceptions are injury, troop reductions and some medical conditions. Being dishonorably discharged could also cause some difficulties, but check with your lender for details. You could also be eligible if you are married to a military person who died as a result of their duty. In order to qualify for a VA loan, veterans must still complete the proper process of getting lender approval.

About VA loans VA loans guarantee part of the loan to the lender. This means that the government will insure the lender against default payments. Sometimes VA loans are limited to a certain amount. VA loans have huge advantages over other loans. Normally, a down payment is not required. In addition, no monthly mortgage insurance is necessary because the United States government supports these loans. With a VA loan, closing costs are also lower than those of other loans. Another benefit of a VA loan is that they are sometimes easier to obtain than other loans. It is wise to shop around to find the best interest rates and terms for you. VA loans cannot be used to buy rental property.

Applying for a VA Mortgage the first thing that you need to do is find a lender which supplies VA loans. There is a form that you fill out and you usually need to provide a copy of your discharge documentation. Your lender will have all the details you need to secure a low interest rate VA Home Loan. If you are a military veteran and are planning to buy a new home, VA loans are a great choice for you.

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