Published: September 18, 2012 12:50 PM
 

Photo credit: iStock | The VA loan is one of the few mortgage options for borrowers who don't have down payments and is available to more than 22 million veterans and active military members.

As banks tighten lending standards, demand has increased tremendously for Veterans Affairs mortgages, known as VA loans.

Evidence Needed for the Certificate of Eligibility

 

If you are. . .

Mon, Sep 10, 2012

5 Things To Know About Getting A VA Loan

VA loans: Getting more popular every year

 

When it comes to home loans in the United States, the means and methods run the gamut. And the criteria and characteristics of each type of loan–not to mention the jargon involved–can be confusing.

Veterans Affairs loans, however, are rising in popularity among veterans who are looking for a flexible lending option that doesn’t require a down payment.

 

Often times you hear from eligible military members and veterans that they are not aware of their VA Home Loan benefits or how to take advantage of them. Well, whether you know about your benefits or not this will be a valuable resource to you.

Can I Rent Out the Home I Purchased With a VA Mortgage?

A reader asks, "How long do you have to occupy the home for? (i.e. what if you move after 6 months?) Do you have to sell/refinance the home or can you rent it with the VA loan still on it?" The Department of Veterans Affairs official site has this to say about VA loans and occupancy requirements:

Can I Rent Out the Home I Purchased With a VA Mortgage?

No out-of-pocket costs. Save hundreds per month.

It's never been easier to refinance using your VA loan benefit. Our streamlined process allows you to lower your monthly payment or take cash out of your home with very little work and no money out of your pocket.

When Is The Best Time To Get A VA Home Loan?

When shopping around for a mortgage, many people wonder if there is a "good time" to apply. For some mortgage products, there is no doubt that key market conditions affect how much they're going to pay. However, there is no tried and true advice for when you should - or shouldn't - apply for a VA home loan. The things that affect the interest rates that are attached to the typical VA home loan are so varied and complex that there is no hard and fast rule to refer to.

 

Below is a list of acceptable VA energy efficient improvements that you can have installed. You can roll the cost of the improvements into your new loan up to a maximum amount of $6000.

VA acceptable energy efficiency improvements are:

 

    Congress established the VA Loan Guaranty Program in 1944 to assist returning war veterans in home ownership. Since that time, the program continues to thrive. There are several ways to       determine VA loan eligibility. Requirements are different for different types of service performed, but unless still on active duty, every applicant must possess a discharge other than dishonorable. A service connected discharge, or a discharge due to involuntary force reduction, certain medical discharges, and a discharge for the convenience of the government usually qualify for VA home loan eligibility if the other mandated requirements are met.

                                                                      

 

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