A VA Home Loan Can Help You Get Affordable Housing

by | Housing Information, Rent to Own, Veterans

 Ever since the housing market collapse, lenders have tightened the requirements to qualify for loans. If you don’t have the required credit score or enough for a 20 percent down payment, it will be difficult to secure qualification for a conventional loan. However, if you meet minimum active service requirements, you can save money by using veteran benefits to get a low VA home loan.

Compare Rates and Save! 100%Free with No Credit Check!!

For more information on the most popular types of loans please visit our page “Most Popular Loans for Americans”.

If you are not ready to purchase a new home, check into the latest affordable rent-to-own options in your area.

 

VA home loan

 

What Does It Take to Qualify?

A VA Home loan is available to veterans who meet at least one of the following requirements:

  • You have served 90 consecutive days of active service during wartime,
  • You have served 181 consecutive days of active service during peacetime,
  • You have served more than six years in the National Guard or Reserves
  • You are the spouse of a service member who died in the line of duty or as a result of a service-related disability

For more on qualifing please visit “Who Qualifies for VA Home Loans”

 

How Does a VA Home Loan Save Money?

A conventional loan will require a 20 percent down payment, which many people will be unable to afford. However, unlike almost any other loan available, VA loans don’t require any down payment at all. Even FHA loans, which require a 3.5 percent down payment, also require private mortgage insurance. VA loans are backed by the government, so private mortgage insurance is not necessary.

 

 

How Else Does a VA Home Loan Help?

Most lenders determine your eligibility and interest rate based on their determination of your risk of defaulting on the loan. Since the government guarantees a VA loan, lenders can be confident in their investment. As a result, you will qualify for a loan more easily and often be able to receive a more competitive interest rate. In addition, there are no prepayment penalties as there are with most other types of loans.

Homes purchased with a VA loan must pass a strict appraisal process. This will limit the homes available to purchase, but it will protect you from costly repairs in the long run. The appraisal will make sure that the home is safe, structurally sound, and sanitary.

Many veterans have found that VA loans represent the best way to save money when buying a home. By saving on a down payment, private mortgage insurance and getting a lower interest rate, you can save thousands of dollars over a conventional or FHA loan.

To learn more about VA loans and other housing programs available through the government, click here!

 

Resources:

US Department of Veterans Affairs

USA.gov

Bankrate

Low VA Rates



Is Rent to Own Housing An Option?
Rent to own housing is a popular term that should be carefully considered. It can be an agreement between owner and seller to rent or lease a property until it is paid in full. The plan can work several different ways, some have zero deposits and no...
Feeling Lost? Free (Or Cheap) Career Assessment Tools
In today's world, more people are struggling to pay/find for housing, medical bills, education, and other aspects of life. As a result, embarking on a new career is becoming a popular option to better themselves and their families. However, when choosing a new career,...
Social Security Benefits & Retirement
Though all Americans look forward to the day when they can kick back in a lawn chair and spend time working in their flower gardens, retirement comes with many burdens. A fixed income or access to a 401(k) may not be enough to supplement the lifestyle many seniors are...
Health Insurance Coverage Changes | ACHA
Healthcare reform tends to be tricky and complex as it attempts to find a common ground that is beneficial for all people. Burdened by the political firestorms that surround it, the new healthcare bill approved by the House of Representatives will...
Job Hunting at Career Fairs
Are you looking to find a new job or a new career? If you are, you may want to try career day job hunting, as it is a great way to not only find available jobs, but also apply and interview the same day. Looking for new and exciting careers? Click the link below!...
Understanding Federal Grants (Part 1)
 Let me start off by asking you this question. How would you like free money that you will never have to pay back, from the federal government? Sounds great doesn't it? Well, the simple truth is that you can get it if the government decides to award you a...
Are Discount Stores Really A Bargain?
It seems like dollar stores and other various discount stores are becoming a common retailer in most areas. Can these discount stores really offer you a bargain or do they just sell poor quality items? In my opinion, there are plenty of great bargains to be found in...
Best Credit Cards for Questionable Credit
Life does not always work out as planned. Sometimes, a gap in employment leads to a few missed payments, and eviction, or a repossessed vehicle. These things happen to most people. In order build credit back up, a credit card may help. Making regular...
The Greatness of Good Friday
 What a supreme paradox. We now call the day Jesus was crucified, Good.Many believe this name simply evolved—as language does. They point to the earlier designation, "God's Friday," as its root. (This seems a reasonable conjecture, given that "goodbye"...
Natural Healing Options for Arthritis
Arthritis comes in various forms, but it's always painful. The typical medical approach is to take some sort of pain medication (usually non-steroidal anti-inflammatory drugs, or NASDs) that might result in various side effects, such as stomach pain. Thankfully, there...
Understanding Federal Grants (Part 2)
 In the last issue we talked about how the federal grant system works and how you can make it work for you. In this issue we are going talk about exactly who's eligible to apply for federal grant money. The simple fact is that almost everyone is eligible...
Best Way to Build Your Credit Rating
In today’s world, credit can be easily destroyed. If you are young and entering the adult world, you may not always understand how to maintain a great credit rating. Often, you do not qualify for a loan or credit card due to having no credit. Lapses in employment or...
Best Advice for Seeking Employment
Your career and life depend on you taking the time to learn all that you can about earning gainful employment. You cannot get a job without finding the right approach that will open up opportunities. Keep reading if you wish to learn more. Speak with...
5 Ways to Keep Your House During A Market Crash
Anyone paying attention to the housing market in the Los Angeles area knows that home prices have been at record highs. National Mortgage News suggests that this could be a housing bubble about to burst, and a decline in home prices and an increase in mortgage...
How To Get Involved with Affiliate Marketing or Direct Sales
How To Get Involved with Affiliate Marketing or Direct Sales Life can busy and complicated. With increased costs in childcare, one parent must often stay at home to watch the kids while the other parent works. Or, as someone begins their adulthood, they may need...
Which Protection Is Best?
Keep Your Information Safe! Makes A Great Christmas Present! Credit card numbers are sacred these days. We’d never give them out to a stranger because credit card fraud and stolen identities are never more than one mistake away. But what if I told you that somebody...
Government Grants Exposed
You and I have heard it all before, the man with the funny jacket on late night TV telling us that the United States government gives out over 30 Billion dollars in grants every year. And if we want any of that for ourselves, all we have to do is send him...
Easy Formula for Grant Applications
When you look forward to apply for a government grant, you will need to do a lot of research and make elaborate preparations. To give a kick start to your grant seeking process, fist you must understand the different types of grants available. You will...
Run A Background Check When Applying for Jobs!
 Social media is everywhere in the air around us today. Hence it is natural for you to assume you can handpick and choose what you want your employees to see. Most people therefore imagine that once they clean up their Facebook wall and delete those...
How Do I Get FHA Refunds?
Although FHA refunds are for people who have FHA-insured mortgage loans, not everyone is entitled to a refund. Various factors are considered to determine who can receive a refund. FHA refunds are available for those who finance their homes within three...

The Premier Forex League

Subscribe

RSS ED News

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Family Picnic

Enter Your Email to Receive New Assistance Updates

Due to the overwhelming response, please enter your name and email to ensure proper results.

Thank You! You will now receive the latest assistance updates!

Family Picnic

Enter Your Email for Best Results

Due to the overwhelming response, please enter your name and email to ensure the proper search results.

You Are On Your Way!

Pin It on Pinterest

Share This