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Understanding The VA Loan


As part of the GI Bill of Rights, also known as the Serviceman's Readjustment Act, the VA loan got its start in 1944. This program offered veterans a home through the government without having to put any money down. This is a feature that was designed to offer both assistance and housing for veterans along with their families to make the dream of owning a home a reality for many.
Loans that are VA guaranteed are made through private lenders, including savings and loans, banks and even mortgage companies. Eligible veterans are able to purchase a home to use for their own personal occupancy. This guaranty will mean that the lender ends up protected from loss whenever a current or later owner potentially fails to repay on the loan. This replaces any protection that the lender would normally receive by asking for a down payment, thus allowing you to enjoy much more favorable financing terms.
Who Is Eligible?
Most all members of the military, as well as reservists, veterans and members of the National Guard are fully eligible to apply for a VA home loan. In certain cases, any spouse of a military member who may have died during active duty or by way of a disability that was connected to their service is also able to apply. Any active duty member will usually be able to qualify for a VA loan after finishing at least six months of service. However, a reservist or member of the National Guard will have to wait six years before they are able to apply. If they do end up being called into active duty before the six year waiting period, they will gain eligibility within 181 days after serving.
What Are VA Loan Advantages?
The major advantage of a VA loan is that you are able to obtain when without having to put any money down. Additionally, a VA loan is not going to require any sort of mortgage insurance like you would need if you are applying for a conventional or FHA loan. This is a benefit that can easily translate into a great deal of savings for the borrow.
What About Fees?
Even though the costs involved to get a VA loan will be a lot lower than a traditional mortgage with a low down payment, there will still be a one time funding fee that is required. The amount of this one time fee will vary, all depending on the down payment as well as the type of veteran who may be applying.
No matter what, you will see that getting into a VA loan will allow you a great deal of flexibility in the home buying process. The rates are competitive and it is a lot easier to qualify than it would be for a traditional loan through another institution. These loans are backed by the government, meaning that a bank will have to take on much less risk and there are fewer qualification standards that veterans will have to worry about to get the approval that is necessary for home ownership.

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