Military veterans have had access to federally guaranteed loans with no down payment for more than 70 years. When the GI Bill of Rights was signed into law near the end of World War II, veterans and their families had a program designed to provide housing and assistance that they didn’t have before. Millions of service personnel can get home loans with a guarantee from the Veterans Administration if the individual meets the service guidelines and the credit and income requirements. Basically, that’s the VA loan process.
Source of Loans
These guaranteed loans can be arranged through mortgage companies and other lenders with the benefit of the guarantee replacing the down payment normally required for home loans. If you have the dream of owning a home, you’ll only need to get a Certificate of Eligibility to get the process started. Then you should contact specialists such as Midwest Mortgage Associates Corporation to schedule a free consultation.
These loans are not issued directly by the Veterans Administration. This agency simply provides the guarantee for the loan, which is obtained from the lender. This guarantee applies up to a quarter of the loan amount, which helps you get better terms and rates. If you believe that you’re eligible for this program, you’d be wise to get in touch with an experienced mortgage company for a consultation.
Get the Details
VA loans are designed for single-family homes, condos, modular housing, and some multi-unit properties but not for business purchases or homes that need to be fixed up in a significant way. In addition, this program is intended for those wanting to buy homes as primary residences. When you talk to professionals about the VA loan process, they will be able to give you details about any exceptions to these guidelines. Get started today.
