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How Military Men Benefit from VA Home Loans
Loan & Credit FactsServing 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.
First Time Buyer Home Loans Specific links
First Time Buyer Home Loans News
First-time buyers boost mortgage market activity - FT Adviser
 FT Adviser | First-time buyers boost mortgage market activity FT Adviser Rush to beat stamp duty holiday deadline results in surge of first-time buyer mortgage deals in January 2012, says the Council of Mortgage Lenders. By Michael Trudeau | Published 11:58 | comments Mortgage market activity increased in January partly due ... Stamp duty rush boosts mortgage market activity |
IRS Offers Tool on Repayment of Home Buyer Tax Credit - New York Times (blog)
IRS Offers Tool on Repayment of Home Buyer Tax Credit New York Times (blog) For starters, home buyers who purchased a house in 2008 and took the credit — worth up to $7500 — on their tax return for that year. The 2008 version of the credit, aimed at stimulating the flagging housing market, was actually a no-interest loan ... |
Struggling families to get €2k a year mortgage relief - Herald.ie
 Irish Times | Struggling families to get €2k a year mortgage relief Herald.ie Some 270000 people are entitled to get more mortgage tax relief in Ireland if the proposals are passed. Anyone who bought between 2004 and 2008 as a first-time buyer will see their mortgage interest relief increased to 30pc. Couples will be entitled up ... Interest relief for boom years buyers First Time Buyers In 2008 Are Eligible For Mortgage Interest |
first time buyers could be hit by lending drought - Mozo.com.au
first time buyers could be hit by lending drought Mozo.com.au The finding comes shortly after the Housing Industry Association noted that the number of home loans issued by banks fell in December of last year. Speaking to the Sydney Morning Herald about the bleak mortgage outlook for first-time buyers, ... |
250 houses to be built with pension cash and council to underwrite loans to ... - Manchester Evening News
250 houses to be built with pension cash and council to underwrite loans to ... Manchester Evening News Council chiefs have unveiled radical plans to help the housing crisis by launching a 'Manchester mortgage' for first-time buyers – and £25m of pension cash is to be used to build new homes. Bosses have identified five sites on which it aims to build ... |