VA Home Loans - Why they are the BEST home loan program available in today's market.

VA – Veteran’s Administration Loan. With so many people in the armed services and reserves today it is no wonder that this home mortgage loan is as popular as ever. Who is eligible for a VA loan? Veterans - Active duty personnel - Reservists/National Guard members Surviving spouses of Veterans who died in service or as a result of service Qualified candidates will need to have a Certificate of Eligibility. This form is needed by the lender to determine Eligibility of the Veteran. If the Veteran does not have a COE they can get one by completing VA Form 26-1880, Request for a Certificate of Eligibility. In some cases your lender can assist you with this. If you are my customer I can assist you with these forms. The VA loan has many advantages over other low down payment programs. The biggest advantage is the ZERO down payments required. This is a huge boost to this program. But the advantages do not end there. No monthly mortgage insurance is another positive afforded by this program. Most loans under 20% down today require mortgage insurance. Some programs such as the FHA has monthly mortgage insurance and an amount added to the loan. The VA does have an up-front VA funding fee added to the loan. This is how VA pays for the VA program and helps off set the lenders risk of the zero down option. This fee is waived for disabled veterans. VA does not set the rate on the loan. The rates are set by the market. You will usually find a low fixed rate. VA loans do not have pre-payment penalties. They are a safe, great 30 year fixed rate program. The seller is allowed to pay the closing costs for the borrower. The lenders require good credit, job stability and the demonstrated ability to re-pay the loan. There is a misconception that the Veteran can get a VA loan with out good credit. Being a veteran is not an automatic approval. The paperwork for the approval process is not that different from other loan programs available in today’s market. The reality today is that the paperwork process today is a little longer. But that is why I am here. I will guide you through the mortgage maze to a successful closing. Overall this program is one of the very best programs available in today’s market.