About VA Home Loan Programs
VA home loan programs are made for qualified veterans as part of the benefits extended after serving in the military. But in order to qualify for a VA home loan programs, a veteran must meet specific criteria
• A veteran must have a Certificate of Eligibility from the Department of Veterans Affairs
•A veteran must have good credit (usually for the past two years) and an adequate credit score
•A veteran must have enough income to repay the loan
•A veteran must meet debt-to-income requirements as outlined by the VA home loan programs
•The home must be used as a residence after closing or renovations are complete
Some other individuals also have VA home loan programs available to them, including:
• National Guard or Reserve members who meet specific requirements
have not remarried
• U.S. citizens and their spouses who served with an Allied country during World War II
There are many advantages in part of these VA home loan programs, such as
• No down payment loans
•Competitive rates (regardless of credit history) for fixed and adjustable loans
• Flexible terms, lengthened terms and the right to prepay
•Forbearance in case of financial hardship
• Other protections and warranties against such things as inferior buildings and discrimination
But what about those people who don’t qualify or have limited or no military seruvce? That’s where they can turn from the VA home loan programs to the FHA home loan programs. Many people take advantage of the FHA home loan programs.
FYI: FHA Home Loan Programs
While there is little overt benefit of a FHA home loan program when compared to a VA home loan program, there are some. First, the FHA home loan programs are available to people who can’t qualify for a VA loan. Second, there is insurance for more than half of the loan through the federal FHA program, which you can’t get from the VA (something for vets to consider).
Among the other efforts offered by the FHA home loan programs are:
•Low down payments
• Adjustable payment options and term flexibility
•Government loan security, which helps get better terms
• Good interest rates and payments
•Refinancing options for existing FHA home loan programs borrowers
With either of the loan a borrower want to get, the VA home loan programs and FHA home loan programs help qualified would-be home owners. The flexibility of the VA home loan programs and FHA home loan programs help to find the home ownership which is available to all people, including the country’s veterans.
This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions such as Alaska FHA home loan programs, Oregon VA home loan programs, debt consolidation loans, information about Washington FHA Refinance Benefits, and whole host of other mortgage product all across the United States.