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VA Loan News Updates!

Recent News Updates

February 2nd, 2008
Late Payment History

March 3rd, 2008
Investment Property Loans

April 15th, 2008
Debt to Income Ratio

May 20th, 2008
Selling a VA Home

Who is eligible for a VA loan?

Generally the first step towards obtaining a VA loan is to obtain your Certificate of Eligibility. If you are successful in obtaining this then you are in good shape to start getting qualified to purchase a house with a VA loan

Guidelines to qualify for a Certificate of Eligibility:

Active-duty veterans discharged during WWII or later, without the status of "dishonorable"
Active-duty veterans with at least 90 consecutive days of service during major conflict
Peacetime veterans and active duty personnel with at least 180 days of consecutive service
Enlisted veterans who entered the military after 1980 or officers who entered the military after 1981 and who have served at least 2 years.

Why should you consider a VA loan?

There are many reasons why a VA loan may be preferable to a conventional loan. Often times a VA loan is attainable even if you did not qualify for other types of loans. VA loans often have lower interest rates than conventional loans. There are no mortgage insurance premiums (PMI) on VA loans. Closing costs can be lower than other types of loans, and there is never any pre-payment penalty associated with a VA loan. If you have a service related disability you can usuallyhave the VA's funding fee waived. If this is the case for you, the VA loan usually has no peers in the mortgage world.

How does a veteran obtain a VA backed loan?

Pre-approval: The first step should always involve getting pre-approved from a VA approved lender. At this stage you'll find out if you could get approved for the size of the loan you want.
Sales Contract: When you and your realtor set up a sales contract you'll want to indicate you are planning on obtaining a VA loan. Sometimes contracts will need an addendum.
Initial Loan application: The veteran should choose a lender at this stage and provide a certificate of eligibility. At this point you should gather up the requested financial documents. Either VA or the lender will issue a "notice of value" for the loan based on the appraisal.
Loan approval: If the application is complete and the appraisal is satisfactory, the final decision by the lender can be made at this time.
Loan closing: The veteran would arrange to sign all mortgage related documents at a title company or attorney's office. The veteran's certificate of eligibility will be updated to show an active loan. If you sell the house you can have this updated again to reinstate eligibility.

Get a free VA Refinance Quote Today!!

Get a free Purchase Loan Quote Today!

Mortgage Industry News Feed

Other Useful sites:

Official VA Streamline Refinance Information

Veteran finance

VA Benefits

VA Home Loans

Refinancing in declining market

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	[Home][VA Loan Basics]
VA Loan News Updates! Recent News Updates February 2nd, 2008 Late Payment History March 3rd, 2008 Investment Property Loans April 15th, 2008 Debt to Income Ratio May 20th, 2008 Selling a VA Home	Who is eligible for a VA loan? Generally the first step towards obtaining a VA loan is to obtain your Certificate of Eligibility. If you are successful in obtaining this then you are in good shape to start getting qualified to purchase a house with a VA loan Guidelines to qualify for a Certificate of Eligibility: Active-duty veterans discharged during WWII or later, without the status of "dishonorable" Active-duty veterans with at least 90 consecutive days of service during major conflict Peacetime veterans and active duty personnel with at least 180 days of consecutive service Enlisted veterans who entered the military after 1980 or officers who entered the military after 1981 and who have served at least 2 years. Why should you consider a VA loan? There are many reasons why a VA loan may be preferable to a conventional loan. Often times a VA loan is attainable even if you did not qualify for other types of loans. VA loans often have lower interest rates than conventional loans. There are no mortgage insurance premiums (PMI) on VA loans. Closing costs can be lower than other types of loans, and there is never any pre-payment penalty associated with a VA loan. If you have a service related disability you can usuallyhave the VA's funding fee waived. If this is the case for you, the VA loan usually has no peers in the mortgage world. How does a veteran obtain a VA backed loan? Pre-approval: The first step should always involve getting pre-approved from a VA approved lender. At this stage you'll find out if you could get approved for the size of the loan you want. Sales Contract: When you and your realtor set up a sales contract you'll want to indicate you are planning on obtaining a VA loan. Sometimes contracts will need an addendum. Initial Loan application: The veteran should choose a lender at this stage and provide a certificate of eligibility. At this point you should gather up the requested financial documents. Either VA or the lender will issue a "notice of value" for the loan based on the appraisal. Loan approval: If the application is complete and the appraisal is satisfactory, the final decision by the lender can be made at this time. Loan closing: The veteran would arrange to sign all mortgage related documents at a title company or attorney's office. The veteran's certificate of eligibility will be updated to show an active loan. If you sell the house you can have this updated again to reinstate eligibility.	Get a free VA Refinance Quote Today!! Get a free Purchase Loan Quote Today! Mortgage Industry News Feed Other Useful sites: Official VA Streamline Refinance Information Veteran finance VA Benefits VA Home Loans Refinancing in declining market
[Home][VA Loan Basics][VA Purchase Loan][VA Refinance][VA Loan News][VA Loan FAQ] VArefinance.com is NOT affiliated with any government agencies, including the VA. We may share customer information with our trusted affiliates to assist you with your VA refinance loan. Copyright (c) 2008 www.varefinance.com. All rights reserved. Sitemap <> Privacy Policy info@varefinance.com