The Diet Solution Program
We Promise A Comprehensive Weight Loss Program That Will Not Only Remove Body Fat, But Guarantees Increased Energy, Health And Vitality.
Renewable Energy Solutions - Wind And Solar Power!
Instructions to make solar power and wind power at home. Use this guide to make a power producing solar panels and reduce your electricity bill.
Home Made Energy: Renewable Energy For The Rest Of Us
How Would You Like To UNPLUG Your House From Your Electrical Company, Knowing That You Are "100% Powered By Nature" With Renewable Energy?
Master Cleanse Insider
The Master Cleanse Diet - Flush Toxins, Lose Weight, Boost Your Energy in 10 Days
12,000 Shed Plans with Shed Blueprints, Diagrams & Woodworking Designs, Kits, Storage Garden Shed Plans Patterns
Download free outdoor shed plans, garden and storage sheds plus wood working projects, designs with woodworking patterns. Comes with garage plans and projects
The Veterans Administration (VA) insures these mortgages which are obtained through banks and other private mortgage companies. This program ensures the lender's investment should the borrower become unable to pay so provides stimulus for lenders to qualify veterans knowing their money is safe.
Are You are Eligible for a VA Loan?
Following are listed most of the various eligibility qualification options for this benefit offered by the VA. Wartime veterans who served a minimum of 90 days and were not dishonorably discharged are eligible. Veterans who served during peace time are qualified if they have served at least 181 days if they served prior to Sept 7, 1980 or at least two years after that date and are honorably discharged. Those serving in the Reserves and National Guard for at least six years and are still serving or have been honorably discharged are also eligible. Surviving spouses of eligible persons who died as the result of service or service-related injuries and have not remarried may also qualify. (Call or e-mail your local VA office for other questions regarding eligibility.)
Prior Certificate of Eligibility from the VA Not Always Necessary
Many veterans will be able to get an Automatic Certificate of Eligibility (ACE) through their lender via the internet. The VA has entered sufficient information about some veterans in their database on-line, which make the ACE possible. If your records are not entered, go to the VA website and get the VA Form 26-1880. You can fill it out and send it in along with your DD Form 214 which documents your service record, if you served in the military after 1979. Check the website on how to show documentation for prior service. Having this certificate does not guarantee the bank will approve your credit application, you must still qualify financially according to their requirements.
Limitations on VA Loans
VA home loans can only be used to finance your principal residence within the United States or its territories. VA loans can also be used for home refinances as well as some kinds of home improvements as long as you haven't borrowed the maximum amount allowed. You need to check on the maximum amount allowed in your area. Generally speaking, the loan limit for 2008 is $417,000 ($625,500 for Hawaii, Alaska, Guam and U.S. Virgin Islands). Qualifying veterans can get a no down payment loan for those amounts.
There is a Funding Charge
A fee of two percent of the loan amount or 2.75 percent for reservists must be paid when you close your VA loan. This can be incorporated into in the loan if you don't have that amount saved up. If you can make a down payment of at least five percent, this fee will be reduced.
The Upside of VA Loans
Typically, veterans can get 100% financing with no down payment required. VA loans are guaranteed so there is no Private Mortgage Insurance (PMI) required which can be a huge monthly savings depending on the loan amount. Also, there are no penalties if you prepay the loan. Competitive interest rates are available. Finally, loan qualification may be slightly easier than if you were applying for a conventional loan. Sellers are sometimes required to pay all closing costs. You will find that nearly every lender offering FHA loans also makes VA loans.
The Downside of a VA Loan
Until recently, VA loans took longer to obtain, so sellers may be hesitant to accept an offer knowing it is tied to a VA loan. However, you can reassure sellers that getting a VA loan today takes only a little longer than a conventional loans. Be aware that sellers are sometimes asked to pay a portion of closing costs, so take this into account when negotiating the sales price of the home. The guaranteed maximum VA loan allowable may not make this loan feasible in expensive markets.
If you are thinking of buying your first home, this may work for you.
Consider Warner Springs California Real Estate in San Diego county.
About the author:
Internet Writer |
