Things You Should Know About VA Loans
If you are not familiar about VA loans, these are loans that are guaranteed by the US Department of Veteran Affairs.
Since there is a guarantee from the US government, it would be easier to borrow money through this.
However, such loan is not for everyone.
This is only available to qualified personnel who have duly served their country.
VA loan benefits: The main benefit of the VA loan is that the US Department of Veterans Administration guarantees it.
This is great for those who qualify for it.
Another benefit is that it can be used for several purposes.
One can use it to purchase a house, refinance a loan or use it for home improvement projects.
There are also instances where down payment is not necessary.
This is a very good news for those who do not have enough to make such payment.
When refinancing your loan using this, you can request for a reduced interest rate.
Who qualifies for VA loan? The VA loan is appealing, but it is only available to qualified personnel.
They are those who have served the military during the World War II.
If they have served during the wartime, they should have served at least 90 days.
If they have served during the peacetime, they should have served for at least 181 days before September 7 1980.
After that, personnel will be qualified if they have served for at least two years and were discharged honorably.
The spouses of the qualified personnel who died while in service or during service related incidents are also quailed as long as they have not remarried.
Reserves and the National Guards who have served for at least 6 years can qualify too.
How do you know that you qualify? If you think you qualify, fill out the VA Form 26-1880.
If you qualify, then you should get a Certificate of Eligibility from the Veteran's Administration.
It will be easier if you have all the supporting documents with you.
However, if you do not have it, you can still head to the nearest VA eligibility center.
They can check it themselves.
However, the process will be more time consuming.
How much can you borrow? You can loan up to 100% of the value of the property.
This all depends on credit history, assets and income.
You might also want to know how much the VA guarantees.
They can pay up to $60,000 in case the borrower fails to pay the mortgage.
VA loan uses: Qualified borrowers normally use VA loan to purchase a house.
Lenders would easily approve a VA loan application because the US Department of Veterans Affairs backs it up.
In addition to that, many use the VA loan to refinance their existing mortgage.
This is a good option because there is an option for a lower interest rate.
Certain factors have to be considered as well.
Additionally, borrowers also use this type of loan for home improvement projects and renovations.
Understanding VA loans is crucial especially to those who are qualified for this.
The right information will fully benefit those who have given so much for the country.
This is why you have to know if you qualify and learn the ways to take advantage of them fully.
Since there is a guarantee from the US government, it would be easier to borrow money through this.
However, such loan is not for everyone.
This is only available to qualified personnel who have duly served their country.
VA loan benefits: The main benefit of the VA loan is that the US Department of Veterans Administration guarantees it.
This is great for those who qualify for it.
Another benefit is that it can be used for several purposes.
One can use it to purchase a house, refinance a loan or use it for home improvement projects.
There are also instances where down payment is not necessary.
This is a very good news for those who do not have enough to make such payment.
When refinancing your loan using this, you can request for a reduced interest rate.
Who qualifies for VA loan? The VA loan is appealing, but it is only available to qualified personnel.
They are those who have served the military during the World War II.
If they have served during the wartime, they should have served at least 90 days.
If they have served during the peacetime, they should have served for at least 181 days before September 7 1980.
After that, personnel will be qualified if they have served for at least two years and were discharged honorably.
The spouses of the qualified personnel who died while in service or during service related incidents are also quailed as long as they have not remarried.
Reserves and the National Guards who have served for at least 6 years can qualify too.
How do you know that you qualify? If you think you qualify, fill out the VA Form 26-1880.
If you qualify, then you should get a Certificate of Eligibility from the Veteran's Administration.
It will be easier if you have all the supporting documents with you.
However, if you do not have it, you can still head to the nearest VA eligibility center.
They can check it themselves.
However, the process will be more time consuming.
How much can you borrow? You can loan up to 100% of the value of the property.
This all depends on credit history, assets and income.
You might also want to know how much the VA guarantees.
They can pay up to $60,000 in case the borrower fails to pay the mortgage.
VA loan uses: Qualified borrowers normally use VA loan to purchase a house.
Lenders would easily approve a VA loan application because the US Department of Veterans Affairs backs it up.
In addition to that, many use the VA loan to refinance their existing mortgage.
This is a good option because there is an option for a lower interest rate.
Certain factors have to be considered as well.
Additionally, borrowers also use this type of loan for home improvement projects and renovations.
Understanding VA loans is crucial especially to those who are qualified for this.
The right information will fully benefit those who have given so much for the country.
This is why you have to know if you qualify and learn the ways to take advantage of them fully.
