VA Home Loans - Great Benefits for Deserving Veterans
Posted June 18, 2014


A VA loan is a mortgage loan for eligible military veterans guaranteed by the US Dept. of Veterans Affairs (VA). The VA loan was designed to enable veterans or surviving spouses (who meet certain criteria) the ability to purchase homes that they may otherwise not be unable to afford. The Department of Veterans Affairs acts as an insurer for the loans and works with the lender, guaranteeing it if the homeowner defaults.

To qualify for a VA loan, veterans will have to obtain a certificate of eligibility which proves that they meet at least one of the following requirements:

• Having served ninety consecutive days of service during wartime (as defined by the VA) or 181 days during peacetime.
• Having been a National Guard member or reservist who served at least six years.
• Having been wounded in service, even if they served less that the specified time.
• Widows or widowers of those who died in action from injuries sustained while on duty.

How does it work?
It allows qualifying buyers to purchase a home with no down payment and without having to buy private mortgage insurance. The program is self-funded through a fee that is paid when the loan closes. The fee can also be wrapped into the loan payments. Veterans that are disabled during their service can waive the fee.

The VA has additional requirements including administering their own appraisal process and requiring buyers to meet VA as well as lender guidelines when it comes to credit scores, debt-to-income ratio as well as other underwriting requirements. The house being purchased is inspected by the VA also in order to insure that the house is worth the purchase and safe for the buyer. VA loans do not apply to investment properties.

If the veteran will not be moving into the home after the loan closes, the veteran’s spouse may be able to meet the residency requirements. The VA also offers eligible veterans foreclosure help by negotiating with banks to hopefully avoid foreclosure.

For detailed additional information please visit www.benefits.va.gov/homeloans

Posted By: Michelle Keaton-Barrow
June 18, 2014 08:50 PM




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