Understanding VA Loans

Understanding VA Loans

Looking to purchase a new home?

If you are a veteran, you can opt for VA guaranteed loans to help you carry the burden of buying a new residence.

VA mortgage loans are generally loans guaranteed by banks and mortgage companies.

The way this works is that the guarantor promises to pay the lender for the loss arising from the inability or failure of the home buyer to pay for the amounts due.

The guaranty acts a security for the benefit of the lender.

If you’re thinking of getting a new home, it is highly advisable that you secure this type of advance credit to fast-track your plans.

Benefits of Getting a VA Loan

There are many benefits when you obtain a VA credit home loan.

First, there is generally no down payment required; there may be select instances where the lender may require it as when the purchase price is considerably greater than the reasonable value of the home you plan to get.

Second, the interest rates are usually negotiable. Third, the closing costs are virtually the same with other financial types; in fact, it may be lower in certain cases. Fourth, there is no need to pay mortgage insurance premiums.

Fifth, the constructed homes may be inspected by the VA to ensure that it fits the latter’s specifications.

This type of financing arrangement not only offer competitive interest rates, there are also no penalties imposed if you prepay the loan.

In addition, the loan qualifications are generally more lenient compared to applying conventional loans.

Also, sellers are the ones responsible for paying all the closing costs.

However, this type of credit pact do not act as a guarantee that the purchased home is free from any defects.

It is only limited to acting as a guarantee for the home loan.

As the buyer, it will be your responsibility to see to it that you are satisfied with the property.

This should not be a big issue though since this kind of loan covenant generally permits an inspection of the homes before, during, and even after construction to ensure that all specifications are complied with.

While inspections are generally permitted, you, however, cannot compel the home builder to address or fix construction defects.

This financing treaty does not have that authority. But as a remedy, you report a builder and have him precluded from further participating in the VA home loan program.

In addition, the VA assistance credit cannot guarantee that you are getting the best deals. But in order to get the best value for your money, it is recommended that you speak with the professionals.

If you’re planning to buy a new home, get expert advice before committing to a home purchase agreement.

Getting a VA Loan with Bad Credit

Are you wondering if you can obtain a VA mortgage loan with bad credit? It’s a legitimate question, especially at a time of bad economy.

But fortunately, you can still obtain this type of loan without down payment.

If you believe you have bad credit standing and plan to secure a VA home financing loan, first thing you need to do is to improve your current credit score.

You can do this by complying with your current financial commitments. When you have a clean financial record for the last 12 months, you might still get an approval for a VA credit loan.

You also have to establish that you are now financially secure. This includes having a steady job.

Our VA Loan Specialist helps veterans obtain the loans they are entitled to.

He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership.

Be a proud homeowner today.

For more details call 480-351-5904 or visit the site

www.valoansforvets.com

VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com