A VA loan is basically a mortgage loan within the United States secured by the United States Department of Veterans Affairs, who is in turn insured by HUD or the Department of Housing and Urban Development. In order to qualify for one of these loans, you must be an American veteran, who was awarded some sort of veterans benefits such as a Bronze Star, medal or other award. You also must have been discharged honorably, which is the highest award that can be given for valor. It is important to note that if you are currently a veteran and wish to apply for one of these loans there are specific eligibility requirements, such as: must be 65 years old; be a United States veteran; have been discharged from military service; and have not been claimed as a dependent by another person for at least three years. Visit this site www.emetropolitan.com/tips-for-getting-your-va-loan-approved/
Although they are considered to be non-reliable, there are private lenders that specialize in this type of loan. Veterans that are in need of a down payment for their new home can turn to these private lenders to secure financing. As with any mortgage transaction, there are a number of terms and conditions that must be met. Veterans must be prepared to present all applicable documentation, which should include a current photo ID, but also include copies of their most recent veterans benefits awards. When searching for a lender, it is important to compare interest rates, loan to value ratios, lender’s fees and more. By putting in the time and research into your search, you can ensure you receive the best interest rate and terms for your loan.
If you are a veteran and wish to purchase a new home but do not have much money to put down then the Veterans Association Mortgage is the first step to purchasing your new home. This is actually a loan that works with private lenders and is guaranteed by the United States Department of Veterans Affairs, which is why it is available to veterans. The VA does require that a significant amount of money to be put down, however, because this is the only guaranteed source of funding. By using a VA-approved lender such as the Veterans Association Mortgage you can get the loan you need with little to no money upfront and access instant approvals from multiple lenders.