Booming popularity will likely make 2009 a record year for VA loans. The growing interest is due in part to the VA program’s exceptional benefits. Chief among those is the fact that qualified veterans in most parts of the country can purchase a home with no down payment.
Other VA loan benefits include:
-Less stringent qualifying criteria
-No private monthly mortgage insurance
-No penalties for loan pre-payment
-Higher debt-to-income ratio allowed than for most conventional loans
-Sellers can pay up to 6 percent of closing costs
-And many more
In terms of VA loan requirements, prospective borrowers must first meet the agency’s standards of eligibility. Those who may be eligible for a VA loan are:
-Military members who’ve served 181 days on active duty or three months during war time may be eligible.
-People who have spent at least a half-dozen years in the National Guard or Reserves
-Spouses of those killed in the line of duty
Veterans interested in a VA loan must first apply for a Certificate of Eligibility (COE) by completing VA Form 26-1880 and including proof of military service. Active duty members must include an original statement of service signed by the adjutant, personnel officer or unit commanders that identifies you and your Social Security Number and provides date of entry. Those discharged from regular active duty after January 1, 1950, should include a copy of DD Form 214 (Certificate of Release or Discharge). Anyone discharged after October 1, 1979, also should include DD Form 214 copy 4.
There are typically less stringent income and credit requirements to qualify for a VA loan. Agency officials will examine an applicant’s financial and credit history along with other key indicators before making a determination.
Veterans and their families must live in the homes they purchase – these loans can’t be used to buy land or investment properties.
“If you are interested in a similar guest post on your blog or more information on VA loans contact Robert at this e mail address.....
Robert@valoansguidelines.com”
Friday, October 9, 2009
Other VA loan benefits include:
