The Benefits of a VA Loan for Buying a Home
Article by Ben Brashen
VA Loans are offered by the Department of Veterans Affairs to veterans and actives members of the US military. VA Loans have been around since 1944 when they were introduced by President Roosevelt as part of the GI Bill of Rights. The main purpose of the VA Loan program is to help veterans finance a home purchase at an affordable rate.
Since VA loans are backed by the government so VA Loans are able to offer significant savings over other types of loans. VA Loans also have more lenient qualification standards so you?re more likely to get approved for the amount you need to buy your dream home. Therefore, if you?re eligible it?s beneficial to get a VA Loan for your home rather than a conventional mortgage loan.
Other VA Loan benefits include:
Lower interest rates. The ability to purchase a home with down Lower monthly loan payments Financing for 100% of the home?s value The VA Loan Process
The process of taking out a VA Loan for a home purchase is much like taking out a conventional loan at a bank. You can apply for a VA loan with banks and lenders and just about anywhere you could apply for a conventional loan. In fact, applying for a VA loan is actually easier than applying for a conventional loan because of its many benefits and the fact that it?s backed by the government. Here are the basic steps to getting a VA Loan.
Apply for a Veteran?s Certificate of Eligibility for VA Home Loan Benefits, if you don?t already have one to prove that you are a veteran and eligible for the VA Loan. You can get the certificate by filling out VA Form 26-1880. Find a home you would like to purchase and sign a purchase agreement for it. Set up an appraisal for the home from the VA. Apply for a VA Loan through a bank or mortgage lender. Close the loan and move into your home.
www.MyZipMortgage.com
Ben Brashen is the principle of MyZip Mortgage and The Brashen Financial Team. A mortgage planning specialist for more than eight years, Ben holds credentials as a Washington State Licensed Loan Officer, Certified Mortgage Planning Specialist, and is a California Ethics Certified Financial Strategist. Ben has been recognized as a top Certified Mortgage Planner, achieving Gold Status in the largest producing private mortgage company in the state of Washington.
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Source: http://www.onlineloanfirm.com/the-benefits-of-a-va-loan-for-buying-a-home/
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