Sunday, May 20, 2012

Your Local Insider: Anna Kent's blog: VA Home Loans

The United States government offers many benefits to veterans and service personnel, VA home loans are one of them. VA home loans can be used to buy a new home or refinancing an existing mortgage on his home. These loans are available to all honorably discharged veterans and click here active duty military personnel.

The Department of Veterans Affairs (VA) does not really give money, but they guarantee or insure the funds are loaned to a veteran with a VA-approved financial institution. A veteran may be a bank or company that participates in the previous VA loan program to provide apply.

The VA home loans are a number of advantages over a straight home loan. One of the main benefits that VA loans require no down payment. From 1 January 2006, you can buy a house for up to $ 417,000 with no down payment. While there are some "no down payment home loan programs" are on the market, you need to pay a higher interest rate for the preservation of power. You pay the same market rate whether you order a 10% down payment or deposit $ 0th In addition, you will find that similar in most cases the VA interest rates or even lower than conventional loan rates are.

VA home loan, members also enjoy the luxury of not having to pay in advance. In contrast, with a standard loan, you must pre-pay insurance if you put down less than 20% as a down payment. Advance Insurance can place a significant amount of your monthly payment, so do not pay for it which is really a plus for borrowers who use their VA loan benefit.

The goal of the VA home loan program is to finance the veterans acquisition of property with competitive credit rates and the rate of interest, which is comparatively cheaper than the prices charged on other type of mortgage loan.

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