Are You Concerned About Your Loan Qualification? We're Making Your Home Buying Simple And Fast
The VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA home mortgage program does not limit the number of times a veteran may use the program. The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen. The Veterans Benefit Act, signed recently increased the VA loan limit significantly with no money down. It also increased the eligibility for Veterans and active duty personnel and increased the benefits to disabled Veterans.
Some Of The Benefits Of The VA Mortgage Loan Program are:
The VA Mortgage Loans are guaranteed for no money down
No monthly mortgage insurance(MI) is required
Many VA mortgage loans are assumable
It is easier to qualify for a VA Loan than a conventional loan
VA mortgage loans can be refinanced
VA loans are assumable with VA eligibility
VA offers excellent qualifying standards
What is a VA loan?
A VA loan is a loan backed by the United States Department of Veterans Affairs (VA). Intended for American military veterans or their surviving spouses, VA loans offer favorable long-term mortgage options, with less stringent qualifying requirements than other types of loans. As opposed to standard loans, which may be issued by any lender, VA loans may only be granted by specifically qualified lenders.
How does a VA loan work?
Rather than issuing loans themselves, the United States Department of Veterans Affairs guarantees a percentage of loan repayment for lenders, should the borrower default. Eligible applicants, including active military, veterans, and surviving spouses, are able obtaining financing through the VA loan program, provided that they meet the basic service time and individual loan requirements, which tend to be more lenient than for loans that aren't backed by the VA.
Who is eligible for a VA loan?
Active military members, veterans, and surviving spouses are eligible for VA loans. Eligibility is based on service minimums, which include 181 days during peacetime, 90 during wartime, or six years in the reserves. Surviving spouses are considered eligible if the service member in question died in combat, or from a disability sustained in the field.
What are the requirements for a VA loan?
VA loan requirements are much less strict than for other types. Applicants must be able to prove they have a stable source of income- especially residual income, which refers to the money left over at the end of the month, once your expenses have been covered. That way, not only will the loan be paid off, but familial expenses will not be neglected in the process.
If you are looking for an experienced VA Lender for your new home purchase or refinance, City Lending, Inc. cut N.A. is your right choice. With the VA eligibility certificate, you can buy 1-4 units property with zero down payment. We can even roll the closing cost from Seller's contribution. If you are not sure how to start or first time home buyer, please contact us for details or apply online today for faster pre-approval letter or closing. Again, thank for your time to visit our site and apply online.