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VA Loans

Types Of VA Loans

Unlike FHA loans, there are not a lot of different VA Loan Programs.  The Veterans Administration has kept it simple! Like with conventional loans, a loan is a loan. In fact, these are only three types of VA Loans: VA-Insured Mortgage. VA-Insured Refinance Loans. VA-Insured Construction Loan. Whether this is the first use of your VA benefits or a subsequent use affects the terms but not the type of loan you are getting. “First Use Of Benefits” usually means that the interest rate and/or fees are lower and there is usually no down payment. “Subsequent Use Of Benefits” usually means that the interest rate and/or fees are higher and there may be a down payment required. That’s pretty much all […]

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VA Loan Summary

Here are the major things that you will want to know about VA-Insured Loans. The majority of VA-insured loans require no down payment. If your loan doesn’t require a down payment, you can finance up to 100% of the home’s value plus approved fees. Loans generally may not exceed $417,000. You can negotiate your interest rate with the lender. Since there is no MIP (Mortgage Insurance Premium) with a VA loan, your monthly payments may be lower compared to other types of loans. The VA controls the closing costs that you can be charged by the lending institution. Require an appraisal. Loans may be as long as 30-years There are several repayment plans to chose from: Traditional fixed payment. These […]

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The VA Loan Funding Fee

Veterans who actually obtain VA-backed loans are required to shoulder a small part of the cost of providing them with a VA-backed mortgage loan.  This is done through a charge called a VA Loan Funding Fee. Personally, I think that the VA Loan Funding Fee is totally inappropriate.  But, what do I know?  You risked your life and limb and possibly your family’s stability and well being for your country and I think the U.S. Government should pick up all fees.  If you agree, write to  your congressman or senator and express your point of view! The information contained in this article is as it was when we obtained the information on October 22, 2011.  It will be updated as […]

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VA Home Loan Military Service Qualifications

In order to qualify for a VA home loan, you must have served in the United States of America Armed Forces and have been discharged with a NON-dishonorable type of discharge.  Veterans with with a General Discharge are eligible. You also must meet certain length of service requirements.  Which rules apply depend upon when you served and the nature of your service. If you served on active duty during wartime you must have been on active duty for a minimum of 90 days. If you served on active duty during peacetime you must have served for a minimum of 181 days. If you enlisted and reported for duty after September 7, 1980, you must have served for two full years. […]

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How To Qualify For A VA Home Loan

VA Home Loans have very specific VA guidelines that are used to determine if a Veteran and/or or the surviving spouse of a deceased Veteran can reasonably be expected to be able to repay the VA home loan that the VA is guaranteeing.  Your credit score is not one of the guidelines. They figure out whether you can qualify for a VA home loan by developing a ratio between your monthly expenses and your income. The process of figuring out your qualification ratio is pretty straight forward.   Basically they will add up your monthly debt-related expenses and divide it by your gross monthly income (it will include the income of your spouse if appropriate).  That produces a number that will […]

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