Guide for Buyers Interested In VA Homes
- Author John Evan Miller
- Published April 14, 2011
- Word count 361
Before searching for VA homes, you should first determine if you are eligible to avail of the Veterans Affairs home loan guarantee. To avail of the loan, a borrower must be able to present a Certificate of Eligibility or proof that they are a veteran of the US military. VA home loans are offered to both retired and active duty military personnel for their purchase of a home. The VA does not provide the loan, but guarantees it 100 percent at competitive interest rates. VA will not require borrowers to pay mortgage insurance and the agency works hard at limiting the fees charged to protect borrowers from predatory lending practices.
How to Avail of the Home Loan
VA homes can be purchased through financing provided by a mortgage lender. The lender has a set of requirements before approving a loan application. At the minimum, they would require the submission of documents that signify the borrower’s ability to service the loan. These would include, but is not limited to, income statements, social security number, personal savings and others.
The VA also has an inventory of foreclosed properties that they offer to the market at a much lower price. Buyers need to know though, that VA foreclosures and homes purchased with a VA guaranteed loan must become the borrower’s primary place of residence. This is one of the main requirements for VA housing.
A VA loan would be enough to cover your entire purchase, and qualified borrowers can avail up to $400,000 plus. The maximum loan amount goes higher in Alaska and Hawaii. You can also take out a loan to refinance your existing mortgage for up to 90 percent of the value of your property.
The only qualified borrowers of VA loans are the servicemen themselves under certain conditions and the surviving spouse of servicemen who died in active duty. Loan approval or denial is not up to the Department of Veterans Affairs though, because, ultimately, it is the mortgage lender who will provide the financing. While buyers of VA homes would need to meet the eligibility requirements, the lender will have their own set of requirements that need to be met as well.
John Evan Miller has been educating buyers on the finer points of VA homes at ForeclosureDeals.com for over ten years. Contact John Evan Miller through ForeclosureDeals.com if you need help finding information about VA homes.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Exploring Homes for Sale in Columbia, TN
- Exploring New Homes for Sale in Tennessee
- Hickman County, Tennessee: The Undiscovered Country
- What is Brick and Mortar Tinting?
- Fast Instant Home Cash Offer—No Realtor Needed
- How to Find a Good House Extension Builder: A Homeowner’s Guide
- How to Choose the Best Real Estate Drone Videography Service in CA
- Top-Tier Real Estate Videography in NV: Boost Your Sales with Stunning Visuals
- Whu buy an apartment in Manilva
- How AI is Reshaping the Luxury Real Estate Industry
- Living In Harmony
- Luxury Cabin Homes: The Galactic Timber Reckoning Unleashes an Infinite Apocalypse.
- A Global Tour of Luxury Homes: The Pinnacle of Extravagance.
- Distinctive Roofing in Godalming - Tradition, Craftsmanship, and Modern Innovations
- Security And Anti-Theft Features Of WPC Door Frames
- HMR Waterfront: An Exceptional Real Estate Hub in Karachi
- How Technology Will Transform the Real Estate Industry in 2025
- Ras Al Khaimah Property: A Rising Investment Hub with Unmatched Potential
- Real Estate Online: Transforming How You Learn, Sell, and Succeed
- 5 Reasons Why You Need a Mobile Notary for Real Estate Closing
- Fresh Paint for a Fast Sale: Here's Why You Should Paint Before Listing
- First-Time Renters in Mississauga: Essential Tips for Success
- How to Choose a Title Company: A Step-by-Step Guide for Real Estate Success
- How Architects Are Shaping Sri Lanka’s Real Estate Boom
- Directing Las Vegas Homes for Sale: How Live Better in Las Vegas Guides Buyers to Success
- Understanding the Renters' Rights Bill: Key Changes and Timeline Explained
- Costs of buying property in Spain - IMS Mortgages
- Three Easy Steps to Sell Your San Antonio House Fast!
- Discover Your Dream 55+ New Construction Home Community in the Greater Tampa Bay, Florida
- Article on Mortgage Lenders and New Homes Mortgage Helpline