Welcome to Home Loans Guide
Home Loans Direct Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
How Military Men Benefit from VA Home Loans
from:Serving the military offers many advantages, including finding it easy to get a home loan. This is because of the concept of VA home loans. This loan program was started in 1944 and was first called the Servicemen’s Readjustment Act that aimed at helping returning servicemen settle down by buying their own homes.
VA home loans are home loans geared for ex-military servicemen and women. You are eligible for the loan if you had been honorably discharged from the military. There are other requirements you have to fulfill for the loan, which vary with whether you served in the reserves or full time. So you have to check this with your lender.
There are Many Lenders to Choose From
You can get VA home loans from numerous lenders like banks, savings and loan institutions where you are guaranteed about 25% of your complete home loan. It can be said that this is a loan that offers the lender additional protection from possible loss at a later date.
VA home loans prove to be advantageous if you are eligible for it. There are no expensive fees to be paid for the processing of the loan. This is because the lender usually needs only 2% of the loan amount. However there are some associated costs you have to pay like appraisal, compliance costs and recording fees.
Not Much Time is wasted in the Application Process of the Loan
Even if you have a poor credit rating, you may still be eligible for VA home loans. This is because the lender first analyzes your credit history to find out if you have been making all your credit and utility payments on a regular basis. And if you have been delinquent in your payments, you can work things out with your lender and at the most, have to make a down payment for the loan.
Another advantage of VA home loans is its easy application process. You just have to approach the local VA office and apply for a Certificate of Eligibility. Once you are approved for the loan, you can look for the house you wish to buy. On choosing the right house, you have to approach a VA approved lender who will order an appraisal, pull credit and ask for some of your income statements.
With this, basic closing tasks are conducted by the lender, like title checks. And if there are no complications, your VA home loans are issued wherein you can move into the house you were dreaming about when in the military.
Home Loans Direct News
Federal regulators scrutinize banks' 'advance direct deposit' loans
Though banks tout them as superior to payday loans, their short-term lending alternative is drawing fire from consumer advocates and scrutiny from regulators
Read more...BluFi Lending Opens Second San Diego Office, Expands Customer Support
SAN DIEGO, May 2, 2012 /PRNewswire/ -- BluFi Lending , a direct lender for home loans, announces the opening of a new office in Mission Valley, San Diego and the new hires of Branch Manager Scott Ellwood ...
Read more...Stearns Lending Names Gary B. Fabian as Chief Financial Officer
Stearns Lending, Inc., a leading privately held nationwide lending institution encompassing Correspondent, Wholesale and Retail business channels, announced today that Gary B. Fabian has joined Stearns Lending, Inc.
Read more...Rise of the 'Greyday' Loans
CHESTER, England, May 23, 2012 /PRNewswire/ --1.7 million grandparents and parents pushed into the red due to financial reliance from children and grand childrenOver half of grandparents of children over ...
Read more...Mortgagebot Launches New Consumer Loan Product, Giving Lenders a Complete, Integrated Package That Automates Both ...
MEQUON, WI-- - Mortgagebot's® introduction of a new consumer lending module to PowerSite®, its integrated point-of-sale solution , has enabled financial institutions to apply the flexibility, efficiency, ...
Read more...