Low Interest Home Loans For Veterans

By : Art Gib

Low Interest Home Loans

The idea of buying a home during these unsteady times seems pretty risky when considering loan rates and the numerous foreclosures happening across the country. However, if you are a veteran or active duty military, the Veterans Administration of the United States makes getting a home loan easy and secure.

The VA Home Loan Guarantee Program was started back in 1944 to help Veterans who were returning from war. The objective of this program is to help military families purchase or refinance a home in appreciation for the service they gave to our country.

The VA home loan program is backed by the government, meaning the government will always guarantee payment to your lender should you fall short of repayment for some reason. The program also does not require mortgage insurance like other civilian home loans, saving you hundreds of dollars off your mortgage each month. For example, if your home costs $175, 000, your VA home loan could save you $8, 000 over a five-year loan period.

All branches of the military including the Army, Air Force, Marines, and Navy are eligible as well a those members of the Coast Guard, National Guard and Army Reserves. So no matter what area you served in, a stable home loan is just around the corner for you.

Even if you credit is not the greatest, you may still be eligible for the VA home loan. The Veterans Association looks solely at the twelve month period before your application is filed when determining eligibility. They look at your debt ratio, so it is best not to have many open accounts during that time.

Home improvements and renovations are also some of the many benefits of getting a VA home loan. Many people are end up taking out home equity loans and all sorts of lines of credit just to pay for necessary remodeling projects around the home. With the VA home loan program you can finance many of these expenses right into your first mortgage rate with its low interest.

In order to be approved for a VA loan, you should first complete VA form 26-1805, which is a form requesting appraisal for the home you are looking at purchasing. This form can be filed by the person selling the home, the lender, or yourself. After the home has been appraised, you may begin the application process. Author Resource:- htTp://LowVArates.com is a company that specializes in Veteran Loans. Art Gib is a freelance writer.