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VA Loan Tip #21 for Veterans
Help for VA Homebuyers
When applying for a VA home loan there are some advantages to having the VA on your side during the home buying process. Did you know that VA loans offer limitations on closing costs? The VA also offers leniency to qualified VA borrowers who are having temporary financial problems. Other benefits of a VA home loan include long terms of repayment, prepayment rights (with certain guidelines) and under the right conditions, no downpayment required. You are also entitled to get an accurate assessment of the reasonable property value of your proposed purchase. These are just a handful of the added benefits of applying for a VA home loan.
The VA has a great many ways to assist those seeking a VA mortgage, but there are also restrictions. When you purchase a home using a VA home loan, the VA does not offer guarantees that your home is free from defects. While the VA does conduct an appraisal of the property, this should not be misconstrued as an 'inspection' or approval of the condition of the property. The VA does not order builders to correct problems or defects in the construction of your home. It's the buyers responsibility to seek expert advice about the condition of a property before purchase. Additionally, the VA cannot offer legal counsel of any kind. The buyer is responsible for being informed about rights and responsibilities with regard to new property purchases. When in doubt, hire a lawyer or an expert in property evaluation.
VA Loan Tips for Veterans
- Entitlement to a VA Home Loan
- Advantages to the VA Guaranteed Loan
- About VA Loans with Adjustable Rates
- Getting Pre-approved for your VA Loan
- Eligibility for a VA Home Loan Guaranty
- Your Discharge May Affect Your Chances
- I Lost My DD214
- For Those Who Already Have a VA Loan
- A One Time Deal
- VA Loan Partial Eligibility
- VA Loans and Rental Properties
- VA Loans and Your Debt Ratio
- Uses for Your VA Loan
- About the VA Funding Fee
- Co-signers on VA Loans
- The Veterans Benefits Act of 2004
- VA Home Loans and Fair Housing Laws
- VA Pre-approved but Can't Find a House
- VA Loan foreclosures
- Improving Credit to Enhance VA Loan Eligibility
- Help for VA Homebuyers
- VA Loans to Purchase Farms
- VA Loans for Properties Outside of the US
- VA Home Loans After a Borrower's Death
- Selling a VA Loan Property
- VA Mortgage Payments
FREQUENTLY ASKED QUESTION # 15 [ -more VA Loan questions- ]
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Q: Already Have a VA Loan? - Is it possible to use my VA eligibility more than once?
A: Check with your lender about interest-rate reduction refinancing on your existing VA loan. This is a great advantage and there's no need to re-establish VA loan eligibility. Instead, ask your lender to use the VA's "email confirmation procedure". You may also re-use your VA loan eligibility for another VA loan. The requirement here includes having completed payments on the previous note, and you must no longer own the property. When applying for re-eligibility, include copies of the paperwork that proves your old VA loan has been paid off-a "paid-in-full" letter from your bank, or a copy of the "HUD-1 settlement statement."
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VA Loan Rates
for 9/07/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
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0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
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