What does the country give you in return of the great service you do for the country by joining the Armed forces? One privilege the army personnel get in United States is the eligibility to Veterinary Association home Loan. With the help of this loan, the veteran army personnel can fulfill their dream of building a house for themselves and their family. So, what exactly is a VA loan and what is its eligibility criterion?
VA loan is a special type of mortgage loan which enables the veteran army personnel, who have served the US army without being dishonorably discharged, to get financial funding from banks or other mortgage companies to buy a house. To be eligible for this loan the veteran should have served the army for at least 90 days during wartime without being dishonorable discharged. Alternately, he should have served the army for at least 181 days (again without being dishonorable discharged) during peacetime service. Veterans who have completed 6 years in US army are also eligible for the loan. The surviving spouses of veterans who do not remarry are eligible for this loan.
This loan has a lot of advantages for the veterans.
The biggest disadvantage of this loan is that the veterans don’t have to pay any down payment if they have money constraints. They can get this loan at 100% financing at lower interest rates. Lower interest rates imply lower monthly mortgage payment. They are required to pay a fee of two percent of the loan amount (2.75 percent for Reservists) to the veterinary association when VA closes their loan. There is no PMI or Private Mortgage Insurance applicable in case of a VA loan. No insurance would mean saving hundreds of dollars every month. The veteran does not have to pay any penalties if he prepays the loan. Loan qualification is sometimes easier than if the veteran was applying for a conventional loan. Generally the VA would make the seller pay all the closing costs.
The veterans can apply for these loans online also if they have access to the internet. The loan representatives will generally get back to them in less than 24 hours. Alternately you can consult a real estate agent who can guide you through all the rules and regulations to apply for the VA loan. With the VA loan you can save hundreds of dollars every month. In the current financial situation, the more money you save the better it will be for the future.
In a nutshell, the VA loan is not only a great step towards the growth of the nation’s economy, it is also a great boon for millions of veteran army personnel and their families who want to fulfill their desire of having a dream home.
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