Author: Ryann Cairns
The Veteran's Administration (VA) home loan program is designed to help eligible veterans obtain home mortgage loans at excellent interest rates and favorable terms. Buying a home is the American Dream, and it just makes sense to reward those who have put their lives on the line by helping them achieve this dream.
The potential home buyer can apply for a VA loan at any mortgage lender who particates in the VA home loan program. At some point in the mortage loan approval process, the applicant will need to complete a Certificate of Eligibilty to prove that they are eligible for a VA loan.
The mortgage lender can help the borrower with this form. The form is also available at the VA web site. Since the VA home loan program is designed for veterans, the borrower will need to supply suitable proof of military service. If the applicant is still on active duty, he or she can supply an original statement of service. If the applicant is no longer on active duty, he or she will need to provide a discharge certificate.
In order to apply for a VA home loan, the borrower will find a home, select a mortgage lender and present them with a Certificate of Eligibility to complete a mortgage loan application. The lender will then make a determination on the loan application based on the borrower's credit history and financial situation.
After the closing, the loan will be sent to the VA for guaranty. There are enormous benefits inherent in the VA home loan program. One of the biggest advantages over conventional mortgages is that there is typically no down payment required on a VA home loan. In addition, the VA home loan program informs the potential buyer of the reasonable value of their prospective home.
In addition, the interest rate on a VA home loan is negotiable. Closing costs on VA home loans are comparable to, and often lower than, closing costs on competing mortgage vehicles. In addition, there are no mortgage insurance premiums due on a VA home loan, and the loan may be prepaid at any time without penalty. There is no doubt that the VA home loan program is one of the best deals on the market. If you qualify for the VA loan program, it is definitely worth checking into.
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