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2017-01-16 10:53:49
Veterans Receive 100% Financing for Home Loans up

If you have served in the US Military then you may be eligible to receive a VA Loan with no down Payment

With the country recovering from the financial crisis, the mortgage options are gradually opening up and now Americans can once again have easier access to home loans. There are several home loan programs that are currently available and one of them is the VA loan program. Interestingly, despite having very lucrative features, this is one program that hasn’t received enough attention over the years. The financing is backed by the U.S. Department of Veterans.
Regardless of how the name “VA loan” may sound, it is not actually funded by the VA. These loans are provided by the mortgage lenders backed by the VA. This allows the lenders to be more flexible with the whole financing.


Who is eligible for the VA loan?
Under this loan program, veterans get 100% financing on home loans up to $1 million. So if you have served to the U.S. military, you can obtain a home loan without any down payment. Besides veterans and individuals who are actively serving, former and present Reserve or National Guard members (both activated and non-activated members for federal active service) are also eligible for the VA loans. Members from the National Guard or any Selected Reserve who got discharged (never activated for the federal active service) can apply for the loan as well. Additionally, surviving spouse of a veteran is also eligible for the VA loan regardless of whether he/she is receiving the Dependency & Indemnity Compensation (DIC) benefits or not.


Some Basic Features of the VA Loan
The VA loan is available for only primary residences. The loan covers up to 100 percent of the house value. With the national loan limit being $417,000, a veteran can obtain up to $1 million if the home is located in a high-cost area. The loan will also cover certain closing costs including the credit report, lender origination fee, appraisal, survey fee, title insurance and so on which covers a significant portion of the closing costs that are involved with the purchase. This arrangement also enables a borrower to cover the one-time VA funding fee that has to be paid for the loans. However, this fee can be waived for certain borrowers including those who are disabled or suffered from injuries.
Another important feature of the VA mortgages is that you don’t have to pay for the mortgage insurance which is required for other government loan programs like the FHA loans. So the VA loan will save you hundreds of dollars on a monthly basis. And if you are willing to repay the loan early, you won’t have to pay any prepayment penalty. Currently there are various fixed and adjustable-rate loan programs available for the borrowers. If you are looking for home financing, it is important that you contact with a VA loan specialist who will be able to guide you through the whole process explaining the criteria under which a person is eligible to receive the VA loan.


If you are a veteran and looking for a home loan, you can find detailed information about the VA loan limits available for your area in the VA site. In addition to that, you can also learn about the local VA loan limits from a VA lender.

About the author

Sheryl Robinson Gilbert Realtor

Sheryl Robinson is a licensed real estate agent based in Gilbert, Arizona and is the owner and an associate broker of Home Key Realty. Sheryl obtained her license back in 2003 and forged her way through the real estate crisis of 2008 by helping many families short sale their homes to avoid foreclosure. Today she is an active Realtor in her market helping educate buyers and sellers with their real estate needs.

 
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