VA Loans

VA loans are more popular than ever, as thousands of veterans and their families have become homeowners in the last year.

The Veterans Administration operates a unique home loan program that’s among the most flexible and economically efficient in the nation. These low-cost loans are geared toward helping those who have served our country achieve the dream of homeownership.

Recent increases to loan limits have helped make that dream even more achievable for thousands of veterans across the country. Plus, interest rates are often lower on VA loans, sometimes as much as 1 percent lower than a conventional loan.

Qualified Borrowers (http://www.valoansguidelines.com) can obtain a home without shelling out money for a down payment or for monthly private mortgage insurance. VA loans come with a host of other big-time benefits, including:
-Lower closing costs than many other loan types
-Assumable mortgages
-Negotiable interest rates
-The opportunity to finance the VA funding fee
-Prepaying the loan without financial penalty
-Assistance to veterans in default
-Interest rate caps for active-duty military

To qualify, prospective borrowers must first obtain a certificate of eligibility (http://www.valoancertificateofeligibility.com ). This paperwork in essence ensures you are a veteran who meets the basic criteria to be considered for a VA home loan. Those who may be eligible are:
-Military members who’ve served 181 days on active duty or three months during war time may be eligible.
-People who have spent at least a half-dozen years in the National Guard or Reserves
-Spouses of those killed in the line of duty

Borrowers who meet these initial requirements (http://www.valoanrequirements.com )must still qualify based on credit and income requirements. But these are often less stringent than conventional loans. Veterans with poor or even no credit may still qualify for a VA home loan. Even those who have experienced foreclosure or bankruptcy may still be eligible.

Veterans work with a VA lending limit that differs depending on geography. At the present, the VA loan limit maxes out around $729,000 in some of the country’s high-cost areas. That’s an increase from the agency’s previous limit, a boost that has opened up parts of California, New York and other expensive states to veterans and their families.