VA Loan Requirements And Benefits Reviewed In New Loan Love Guide
SAN DIEGO, June 28, 2013 /PRNewswire-iReach/ -- LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. A new article on LoanLove.com reviews the VA loan requirements and the benefits that this type of loan has for veterans and current service members of the United States Army.
Loan Love says: "If you've served in the military or you're currently on active duty and you're interested in buying a home, a V.A. mortgage could be a great option for you. In a VA loan, a portion of the loan is underwritten – or guaranteed – by the U.S. Department of Veterans Affairs, which means lenders who write mortgages under the VA program assume less risk than they would under a conventional mortgage." U.S. Army veterans and active service members who are currently under a conventional loan may also benefit from a refinance VA loan.
The article goes on to explain: "Home buyers who qualify for a VA loan can buy their primary home with no down payment as long as the cost of the home is less than the home's appraised value. And, although the actual entitlement is capped at $144,000, or roughly 25% of conforming loan limits, when the cost of the home exceeds the entitlement limit but still falls within the conforming limits (the current upper limit for a conforming loan is $625,000), VA borrowers may still be able to buy the home using the entitlement AND with no down payment."
So what are the requirements for a VA loan? The Loan Love article explains that VA loans are for current or veteran United States Army service members. There are a few more requirements for qualifying for a VA mortgage, however. Those who have had a dishonorable discharge will usually not be eligible for this benefit, however former service members can always appeal the terms of their discharge and, if resolved positively, will be able to apply for a VA loan. Decent credit history is also a requirement. The exact credit score needed to qualify changes with time, so borrowers will need to check with their lender to see what the actual score required is. Also, those applying for VA loans will need a Certificate of Eligibility, or COE. Eligibility may sometimes take a while to prove, so borrowers should start this process as soon as they can.
Although circumstances can certainly vary from person to person, for most veterans and active-duty service members, the VA loan program is a great choice for a mortgage. Those eligible should take a look at their finances, talk with their lender, and if they decide it is right for them, apply for their COE as early as possible.
For more information on Veterans Affairs backed mortgages, visit LoanLove.com for the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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