There are plenty of ways to end up with a bad mortgage. The risks of these five should make every homebuyer think twice before signing.
A Veteran Administration or VA loan is mainly for those people who have been in military service for a minimum of 181 days or 3 months during the war and had also got the discharge from the service with an “honor” status. Other than the people who have directly served in the military, the people who spent at least 6 years with National Guard or Reserves and also the spouses of the military personnel who have got killed during their service may also be able to get the advantage of these loans.
Requirements for getting a VA loan
The VA loans are insured by the federal government and are available at low interest rates with no down payment requirement option. These loans also provide you with 100% financing. The interest rate on VA loans is based on several factors, like your credit history. However, the interest rates are generally highly competitive. TheClick here to continue reading
By admin On September 28, 2010 No Comments
Veterans Loans can be used for almost any type of financing, whether it’s business or personal. Before you fill out any information on the application be sure you have your ducks in a row. That mean — know everything you need to know about what you intend to do with the loan.
If it’s a business loan then make sure you know all about your business, have a business plan to know where you’re going. If your veterans loan will cover your new business then you have a few things to ask yourself before you apply.
The first question to ask is “Are you an entrepreneur?” To find that out, you need to assess yourself to find the answers. A lot of veterans go into private business when they retire from the military but very few of them make the grade. It’s not that they don’t know theClick here to continue reading
By admin On September 14, 2010 No Comments
With the economic problems of today, it makes a lot of sense to buy a house with a VA mortgage. And with no down payment, you can’t beat that kind of deal. Although getting a loan through the VA isn’t hard, you do have to follow the rules.
The Veterans Administration (VA) is designed to help US military personnel in the daily lives. They offer VA loans at low rates for veterans and active military members enabling them to buy homes close to where they are based. They offer a no down payment loan for the reasonable value of the property unless the lender requires one.
VA loans are guaranteed by the VA to help veterans protect their credit, avoid foreclosure, and make certain they have every opportunity to stay in their homes. They can intervene to help home retention with options such as forbearances, loan modificationsClick here to continue reading
By admin On September 10, 2010 No Comments
If you’re an active military person or a veteran, VA loans offer the greatest house buying opportunity, especially nowadays with the economic crisis at hand. They give you the fastest approval, multiple benefits, and easy requirement of any home financing around. If you’re military, a VA loan should be your first stop when considering purchasing a home.
If you’ve waited years to become a homeowner then your waiting is over. VA loans don’t need a down payment and few need any upfront fees to sellers or lenders. You can use the money you save for any other desires you want.
Home mortgages require insurance or more commonly known as PMI. When you have a military loan this is waived and the VA guarantees the lender the payment to ward off defaults on mortgages. This means you don’t need any extraClick here to continue reading
By admin On September 8, 2010 No Comments
Qualifications for a VA home loan are easy but searching for the lender can be a nightmare. There’s a big difference in lenders and it will make a huge different to your pocket book if you find the wrong one. Here are 5 steps to use when comparing mortgage lenders after you find your dream home.
One of the advantages veterans have over civilians is the easy of processing a VA home loan. But with all things whether you’re a civilian or veteran finding the right lender for your home loan can put you in the red faster than a speeding bullet. Pardon the pun…If you want your mortgage payments lower, no down payment, and little or no fee loan transaction then the right lender will offer you the best options. Start with step one before signing with any mortgage lenders.
Step one — Talk to theClick here to continue reading
By admin On July 22, 2010 No Comments
You can’t beat today’s market for home interest rates! They’re almost the lowest in the history of home loans. Take advantage of the downslide because once the market recovers there’s no going back. Now’s the best time to save hundreds of dollars a month on your mortgage using a VA Streamline loan.
VA streamline loan is an existing VA loan that is refinanced for a lower interest rate. Up until the beginning of this year VA loans did not require an appraisal or minimum credit score. You also were not charged closing costs. Since the new VA loan guidelines match major lenders it’s a little harder to get VA loans. By getting one now when interest rates are at an all time low you can save big bucks by refinancing your loan.
Don’t make the same mistakes many veterans and active military members do when choosing a home lender. It can cost you thousands of dollars extra! The key is to research all available options and lenders before you sign on the dotted line for your VA home.
The most common mistake many military personnel make is not following the guidelines for a VA home loan. It can cost more in high interest rates, seller fees, and even down payments. Do your research first!
First, don’t go to the first lender your realtor recommends. Use a little logic and find a lender that has the lowest interest rate, easy paper work, and one that’s willing to work with you. By choosing the lender your realtor suggests may cost you hundreds of dollars extra. Although, they might not get a money pay off, they do get other compensations from theClick here to continue reading
By admin On July 14, 2010 No Comments
Save thousands of dollars a month when you get a loan or refinance your home loan through the Veteran Administration (VA). Because the interest rates on loans are the lowest they have ever been, now’s the best time to refinance your VA loan. For that matter, now’s the best time to get a VA loan for that new home you’ve always wanted.
The US military has always taken care of the men and women who help protect the country. They provide a low cost of living while in service plus they can help when military personnel go out into the civilian world. The civilian world can be a great shock to military man and women especially when it comes to buying a house and the cost of living.
Most mortgage lenders don’t care if you’re fighting overseas or living on a fixed income, they just want their moneyClick here to continue reading
By admin On July 9, 2010 5 Comments
If you were one of the few who got a VA mortgage a couple of years ago with no problems you’ll find it’s getting harder to get one these days. Even if you just want to refinance your home with a VA loan, they’re tightening the requirement.
Earlier this year VA mortgage loans started following the nation’s major lenders in limiting the conditions to get a mortgage. You’ll still get a no down payment if you have a credit score of 610 or more but if it’s lower you won’t get a loan through the Department of Veterans Affairs (VA). You’ll have to spend a couple of months building your credit before you can get a loan.
About two years ago major lenders started limiting the conditions for getting a loan.Click here to continue reading