VA Loans made prior to March 1, 1988 can be assumed with no qualifying of the new buyer. If the buyer defaults the property the Veteran homeowner may be liable for the funds.Some sellers are hesitant to work with someone obtaining a VA Loan because it takes longer than a…
100% Financing & No Down Payment LoansNo Private Mortgage (PMI)No Penalties for Prepaying the LoanCompetitive Interest RatesQualification is Easier than a Conventional LoanSellers Pay Some of the Closing CostsCan be combined with additional down payment assistance to reduce closing costs
Yes, your eligibility is reusable depending on the circumstance. If you have paid-off your prior VA Loan, and disposed the property, you can have your eligibility restored again. Also, on a 1-time basis, you may have your eligibility restored if your prior VA Loan has been paid-off, but you still…
You can apply for a VA Loan with any mortgage lender that participates in the program. In addition to the application requirements from your lender, you will need the following at application time: Certificate of Eligibility from the Veterans Administration by submitting a completed VA Form 26-1880.Proof of Military Service from…
A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase: Existing Single-Family HomeTownhouse or Condominium in a VA-Approved ProjectNew Construction ResidenceManufactured Home or LotHome Refinances and Certain Types of Home Improvements
Wartime/Conflict Veterans Veterans who were NOT Dishonorably Discharged, and served at least 90 daysWorld War II – September 16, 1940 to July 25, 1947Korean Conflict – June 27, 1950 to January 31, 1955Vietnam Era – August 5, 1964 to May 7, 1975Persian Gulf War - Check with the Veterans Administration…
The Veteran Administration's Loan originated in 1944 through the Servicemen's Readjustment Act; also know as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment. VA loans are made by private lenders…
What is a VA Loan?Who Is Eligible for a VA Loan?What type of home can I buy with a VA Loan?How do I apply for a VA guaranteed loan?I have already obtained one VA loan. Can I get another one??What are the benefits of a VA Loan?What are the negatives…
There are two important things to consider when choosing one lender over another one: Quality of Service – Especially for first-time homebuyers who will have many questions about the total financing process and available loan options. Finding a lender with outstanding service skills that you trust will comfortably guide you every…
Not necessarily, if you've been late with your payments less than 3-times in the past year, and the payments were no more than 30-days late, you still have a good change at getting a competitive interest rate. Most lenders will accept certain reasons for this like an illness, or job-change,…