| The Veterans Administration of the United States of | | | | buying the home you need easier and more |
| America, under the direction of the Department for | | | | affordable. |
| Veterans Affairs, is the agency that awards benefits | | | | 2) Because the lender assumes a minimal amount of |
| to veterans of the United States military. One of the | | | | risk when writing VA home loans, the interest rate |
| best benefits available to military personnel, both | | | | that you will be charged is nominal. In terms of |
| active and retired, is the VA home loan. | | | | interest, veterans save thousands of dollars over the |
| 100% Financing For Veterans | | | | life of their VA home loan by going with the VA as |
| The VA home loan provides one hundred percent | | | | opposed to traditional funding sources. Furthermore, |
| financing for certain members of the military, both | | | | buyers with most credit types can be approved for |
| past and present to purchase their home. You qualify | | | | VA home loans, because the Veterans Administration |
| for financing if you have been active in the military | | | | only looks at your past twelve months credit |
| for 90 days during combat, or 180 days during | | | | performance. |
| peacetime for members of the Army, Navy, Air | | | | 3) There is no prepayment penalty for VA |
| Force, and Marines. | | | | homeowners who wish to pay out early, usually by |
| Additionally, if you have served in the National Guard | | | | selling their home. Your VA guaranteed home loan is |
| or Army reserve, you may qualify as well. If you are | | | | also assumable, which means that if you do decide to |
| the surviving spouse of a military service person who | | | | sell your home, the buyer can assume your |
| has either died, is missing in action, or is a prisoner of | | | | mortgage, which can be a big selling point with the |
| war, you may qualify for a VA home loan under | | | | low interest that you mortgage will carry. |
| certain conditions. | | | | 4) You can choose your loan type when you take |
| Government Guaranteed Loans | | | | out a VA home loan, either fixed or adjustable rate. |
| The VA home loan is a government guaranteed loan. | | | | Many borrowers of VA home loans prefer the |
| The government does not put up the funds to | | | | predictability of a fixed rate payment, while others |
| purchase your home, but it does guarantee | | | | go for adjustable rate mortgages because of the |
| repayment to the lender if you should default. This | | | | ultra low interest that is charged for the first few |
| means that veteran borrowers can save hundreds | | | | years. The VA leaves that choice up to you. |
| each month because there will be no need to add | | | | 5) Worth noting is that if you have a service related |
| mortgage insurance on top of the principle amount | | | | disability, you may qualify for a grant to help make |
| owed on your home because the loan bears the | | | | your VA home easier to access, according to your |
| government guarantee of repayment. | | | | handicap. This grant does not have to be repaid and |
| Many Advantages Yield Huge Savings For Veterans | | | | is up to $50,000 for additions such as wheel chair |
| 1) Among the many advantages of obtaining a VA | | | | ramps, etc. |
| home loan as opposed to traditional funding is that | | | | 6) Many VA home loan servicers are offering their |
| there usually is no down payment required. The VA | | | | loan products online via user friendly websites. |
| will most often require no out of pocket expenses | | | | Applying for your VA home loan is easy, and you |
| whatsoever when approving a veteran for a home | | | | have the added luxury of completing your application |
| purchase. The seller is allowed to pay the closing | | | | from the comfort of your home. |
| costs for you on your VA home loan, which makes | | | | |