What do you understand by VA Loans?

The United States Department of Veterans Affairs, which is known as the VA, offers a number of benefits to veterans and active duty members of the military, these benefits include VA loans, home loans which are guaranteed by the government.


Where to get VA Loans?

From a wide variety of mortgage lenders people are able to get VA loans, either by approaching the lender directly or using the services of a mortgage broker.

Advantages of using VA loans

There are several advantages of using VA loans which make them appealing to people who are eligible.

First advantage is that, many VA loans come without the obligation of a down payment. These loans also typically posses a lower interest rate. While if someone is eligible for a VA loan than it is not guaranteed that someone can get a loan, lenders may consider people have VA backing, due to the reason that the risk to the lender is greatly reduced.

va loans

Eligibility for VA Loans

Those active duty members of the military are eligible for VA loans who have been serving for at least 90 days in wartime or 181 days in peacetime, as are veterans who completed their military service and were discharged honorably. People who were discharged from service before their term of service were over are still eligible as long as they fulfilled the 90/181 day minimum requirement and if they were discharged honorably.

For VA loans surviving partners of deceased members of the military and spouses of permanently disabled veterans are also eligible. Eligibility is certified with a form from the VA. Veterans and active duty military are able to apply for the form directly, or they can submit a form through their lenders.

Maximum amount of a VA loan

As a general rule, as of 2009 the maximum amount of a VA loan is $417,000 United States Dollars (USD), although in certain areas, such as California and Hawaii it is slightly higher.

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