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.

VA_Loan_200

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.

You might also like

What Is A Veteran Loan There are many benefits and privileges of being a United States veteran. One such benefit is the Veteran...
Personal Loan for the Military Veterans There are a several options and benefit available to military veterans, when they go for personal loan....
Finance Issues For Home-Buyers If you are one of those who are out there looking to buy houses for the first time, then there is a good...
Federal House Loan Program The federal home improvement loan program is a comprehensive program to build or renovate homes across...
Understanding Veterans Administration Loans Veteran Administration loans are available for veterans. These loans are offered by the Veterans Administration...
Debt Consolidation Companies

People who liked this Post also read

  • Cheap Online Mortgage Plans
    Cheap Online Mortgage Loans are offered by companies which operate over Internet. Consumers may apply for a Mortgage Plan online and the company then evaluates the consumer on several bases. Cheap Mortgage Plans are hard to find but if proper research is ...
  • Best Mortgage Deals
    One should always try to find the best mortgage deal. There are various ways through which one may find it. Internet is a great place to gather information about loan packages. Search from first few websites. Ask relative or friends before buying a home....
  • Affordable Home Financing
    Home mortgages are the special financial programs designed to help those needy to build their houses at the very affordable prices. However, it is necessary to always remain cautious from the greedy and untrustworthy lender, you will end up nowhere. Inter...
  • Private Mortgage Lenders
    Financing through lender mortgage is the good idea to think about. Now, one can easily locate lender mortgages through net, and can get benefits from their incredible services. If a person wants to pay debts, to build a house, or if he wants to renovate h...
  • Insurance for Private Mortgages
    Now days it is difficult for lenders to offer large scale loans to lenders who are willing to buy a property but can’t afford large down payments. Private mortgage insurance policy is made for such lenders and borrowers....


is an experienced IT Consultant turned Blogger, Interested in Technology, Personal Finance, Humans and Life...You and discover more about him by following RMak on twitter.

Leave a Reply

© 2011 Loan Mortgage Credit!. All rights reserved.