Welcome to Home Loans Guide
Government Home Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
How Military Men Benefit from VA Home Loans
from:Serving the military offers many advantages, including finding it easy to get a home loan. This is because of the concept of VA home loans. This loan program was started in 1944 and was first called the Servicemen’s Readjustment Act that aimed at helping returning servicemen settle down by buying their own homes.
VA home loans are home loans geared for ex-military servicemen and women. You are eligible for the loan if you had been honorably discharged from the military. There are other requirements you have to fulfill for the loan, which vary with whether you served in the reserves or full time. So you have to check this with your lender.
There are Many Lenders to Choose From
You can get VA home loans from numerous lenders like banks, savings and loan institutions where you are guaranteed about 25% of your complete home loan. It can be said that this is a loan that offers the lender additional protection from possible loss at a later date.
VA home loans prove to be advantageous if you are eligible for it. There are no expensive fees to be paid for the processing of the loan. This is because the lender usually needs only 2% of the loan amount. However there are some associated costs you have to pay like appraisal, compliance costs and recording fees.
Not Much Time is wasted in the Application Process of the Loan
Even if you have a poor credit rating, you may still be eligible for VA home loans. This is because the lender first analyzes your credit history to find out if you have been making all your credit and utility payments on a regular basis. And if you have been delinquent in your payments, you can work things out with your lender and at the most, have to make a down payment for the loan.
Another advantage of VA home loans is its easy application process. You just have to approach the local VA office and apply for a Certificate of Eligibility. Once you are approved for the loan, you can look for the house you wish to buy. On choosing the right house, you have to approach a VA approved lender who will order an appraisal, pull credit and ask for some of your income statements.
With this, basic closing tasks are conducted by the lender, like title checks. And if there are no complications, your VA home loans are issued wherein you can move into the house you were dreaming about when in the military.
Government Home Loans Specific links
Government Home Loans News
Kashkari: Treasury considering mortgage rate plan - Associated Press
WASHINGTON (AP) -- The head of the government's financial system rescue effort said Thursday the Treasury Department is considering a program to encourage banks to make mortgage loans at low rates to help revive the battered housing market. Under the ...
Read more...The Big 3 make another pitch - Miami Herald
WASHINGTON -- Detroit's Big Three automakers were humble, contrite and specific Thursday about why they need $34 billion in federal help quickly -- but their bid still faces an uncertain future in Congress. The executives, chastised by lawmakers last ...
Read more...Government plans interest sops to ease home loans - Business Standard
The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes. The ...
Read more...Ask AP: Bottom-up bailouts, gas pump tampering - Associated Press
If troubled automakers and banks need government bailouts, why not give their customers federally financed vouchers to help cover car and mortgage payments - so both consumers and companies could benefit from the money? Curiosity about bottom-up ...
Read more...What Would Keynes Do? - Forbes
Every day that goes by makes clearer the parallels between the current financial crisis and the one that led to the Great Depression. Then, as now, the core problem was one of deflation, or falling prices. But fixing it will require more than just ...
Read more...