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Veterans Loans

May 27, 2008  |  Difficulty: Easy

Path to mortage
Currently there are over 29 million American Veterans. These individuals are able to qualify for a Veterans Loan. Those who take advantage of this opportunity find that they are able to buy or refinance a great home, with very good rates. Veteran loans save qualified individuals lots of money by offering good rates without monthly mortgage insurance. What is even better is that it is easier to qualify for a Veteran’s Affairs military loan, even easier than qualifying for a traditional mortgage loan. So if you are a Veteran, you should consider applying.

The very low interest rates aren’t the only advantages. The other benefits include:
  • Zero down payment required when buying a home
  • Even with bad credit you can get great rates that you could not receive with a regular mortgage loan. As long as you show that you are trying to improve your credit during the last year you can get a Great VA loan. (Pay rent, credit cards and utility bills on time to improve credit. Make sure your efforts are showing up on your credit report.)
  • No monthly mortgage insurance is required for a VA loan. This can save you a lot of money month-to-month.
  • No money down on any loan up to $359,650. Just get the type of mortgage that is in accordance to your yearly income.
  • Assumable mortgage. You can transfer the mortgage over to the new owner when you sell it. This can be a terrific point to bring out to sell the home more quickly, since VA loans are lower than any other traditional loan.
  • The choice between a fixed rate and an adjustable rate. So, even with a VA loan you have the power to get what works best for you.
The package is very nice. But to get this deal you will have to pay a “Funding” payment. The Department of Veterans Affairs charges this fee, and it can be between 0%-3.3% of the total amount of the loan. The actual amount of this fee is dependent upon your current Veteran status. This fee can be very low or very pricey; it is dependent on the size of your loan. But typically the fee is attached to the loan so that you are not pressured to pay this fee up-front. The fee becomes more manageable this way.

For disabled veterans, this fee if often waived. If you are 10% disabled or more, due to active service, you will not pay for this fee. This increases your overall savings.

If you find that you do have to pay the funding payment, you can place money down on your home to decrease this fee. The more money you put down, the lower your fee will be.

To get this type of loan, you will need a certificate of eligibility. If you are a first time user, or you have used this system in the past, you will need the certificate. To get this certificate, contact the Veteran Affairs office in your area. This office will give you a copy.

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