Understanding the Basics of a VA Home Loan

29. Aug, 2009 0 Comments

Like most topics related to finances and mortgages, understanding VA home loans can be confusing. To help get started, here are a few basics about these special mortgages designed for military veterans.

About VA Home Loans

If you are looking to buy a new home, and are an active or retired member of any branch of the services, including the reserves or even the public health service, then you may qualify for a VA loan. These loans were designed to assist many military veterans in securing home ownership during or following their service.

Qualifying for a VA Loan

VA loan qualification varies greatly depending on military branch of service, length of service, and dates of service. Typically, qualified recipients must have served for a minimum amount of time and must either be active service members or have received an honorable discharge.

The amount of time that you need to have served depends on your duties in the services. For example, reservists need to have served for at least six years during peace times, while those who served in active duty in time of conflict require much shorter lengths of service.

Where Can I Apply?

You can find out if you qualify for a VA home loan by talking to your regional Veterans Administration office. You will learn more about VA home loan entitlements, and what sort of limit you can expect on your personal home loan. Generally, you can expect to receive a loan that will cover the cost of your new home without having to secure a down payment. If you do have a down payment of at least five percent, however, you can save in the long term by reducing the amount of fees associated with your loan.

Most private mortgage lenders offer VA home loans to those who qualify, making it simple to buy your own home during or after service. One of the greatest benefits of choosing a VA home loan is that most veterans qualify, even if their credit has a few flaws.

Jason Skinrood has helped hundreds of U.S. Veterans get approved for VA loans and VA streamlines refinances. Hopefully the article above provides you some insights that help you take advantage of the Veteran Benefits you are entitled to because of your service in the United States Military.

Article Directory: EzineArticles

Like most topics related to finances and mortgages,
understanding VA home loans can be confusing. To help get
started, here are a few basics about these special mortgages
designed for military veterans.