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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.
Home Loans Florida Specific links
Home Loans Florida News
South Florida Home Price Drop Double US (CBS4 Miami)
A new report shows home prices fell in a record 4 out of every 5 cities in the third quarter, and in South Florida, fell by almost 17 percent when compared to the same time one year ago, as the real estate market was flooded with foreclosures and stalled by alarming economic news. The South Florida decline was nearly double the national average price decline.
Read more...Local developer being sued over 'unpaid loans' (The Nashua Telegraph)
CONCORD -- A Florida businessman claims a local developer failed to pay back home construction loans, but the developer argues the man is suing the wrong company. ... - By ANDREW WOLFE Staff Writer
Read more...Homeowners fighting foreclosure are new victims of fraud (Sun-Sentinel)
Although the housing market has slumped, mortgage fraud is thriving. New victims are owners fighting foreclosure. South Florida's home prices have gone south, but mortgage fraud hasn't.
Read more...Area builders to highlight credit problems in Tallahassee (Sun Newspapers)
Jay Carlson and Earl Snyder will be in the state capital Monday to raise awareness of builders' problems. Two of Southwest Florida's own will be in Tallahassee Monday in the hope of raising awareness of the struggles that home builders face during the national credit crunch.
Read more...Florida's budget deficit could reach $2.3 billion (Miami Herald)
Florida's budget gap is going to widen Friday by up to $1.5 billion as state economists meet to revise the state's revenue forecast for the first time since the economic crisis took on global dimensions this fall.
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