What Is A VA Mortgage And How To Qualify For VA Home Mortgage Loans?

Are you a veteran looking for information on VA mortgage companies? If you are a veteran actively seeking information on mortgages, the following information will be very helpful. Making the right choice is important, but it’s essential to make sure you have all answers to all of your questions first.

Defining a VA Mortgage

The most important step in the process of obtaining a VA mortgage knows the answer to the question: What is VA mortgage?  One thing I learned when I was looking for a mortgage was that not everyone who served in the military is qualified. With the help of Real-Estate-Yogi.com I learned the following information about VA mortgages:

• Designed for those who have spent the required amount of time in active service (this will vary for those who are reservists)
• There is no down payment required
• Applicant must have been honorably discharged and be able to present a DD214 as proof of discharge
• Interest rate is usually slightly lower than conventional mortgages
• There is no requirement for MIP (mortgage insurance premium)

If you are interested in finding out if you qualify for a VA mortgage, fill out the form you find on the Real-Estate-Yogi website, and one of the representatives will contact you as soon as possible.

Qualifying for VA Home Buyer Programs

The two VA mortgage programs most people are familiar with are the 30 year fixed rate home mortgage and the streamline refinance program. However, I was surprised to find out there were other programs such as the Native American Direct Loan Program for eligible Native American Veterans and various Adapted Housing Grants for veterans who have a service connected disability and require special housing needs to accommodate their disabilities.

Finding a Mortgage Company

Do not make the mistake I did and assume every lender will finance a VA mortgage. You need to find a VA mortgage company, or more precisely, a mortgage company that provides funding for borrowers who wish to use their VA mortgage eligibility to buy a home. In addition it’s possible the seller of your dream home may not be willing to consider a VA mortgage because of specific requirements of the VA and the fact there is usually more time from the signing of the sales contract to the closing.

If you are interested in obtaining information about VA mortgages, take some time to visit www.real-estate-yogi.com. You will find an abundance of information as well as a free database of over 200,000 legal and financial consultants located all over the United States. If you are interested in setting up a free consultation, all you need to do is call 1-800-987-1397.

Mortgages For Military Personnel: How To Get Mortgage For Veterans

My brother is coming home from Afghanistan in a week, and I can’t wait! I’m so proud of him for serving our country, and I’m grateful he’s coming home in one piece. He’s been working with a military mortgage specialist to look into VA mortgages for military personnel, am I became curious about how that whole process works. I knew exactly where to go for the information I was after: Real-estate-yogi.com, my favorite website for property finance questions or issues. Just a few taps on my computer keyboard and I was there, ready to find out what home financing options are available for my brother and his family. Here is some of what I found out.

If my brother were still on active duty, he’d be able to qualify for HopeNow Housing Alliance assistance to check out mortgages for military families. This group of investors, mortgage servicers, housing counselors, and military mortgage specialists got together to figure out the best way to help soldiers who have received Permanent Change of Station (PCS) orders or those who have defaulted on their mortgages. Under new guidelines, the Federal Housing Authority (FHA) has deemed PCS a hardship for these families, and so the FHA can help them. According to Real-estate-yogi.com, in order to qualify for this aid, a soldier must provide his current mortgage statement, at least two of his latest pay stubs, proof of any income other than his pay (child support, Social Security benefits), his most current bank statements, and his utility bills to prove residency.

Because Evan (my brother) is a veteran now, he can get help from the Department of Veterans’ Affairs (VA). This organization is sponsored by the government and relies on private lenders to supply mortgages for veterans. As Real-estate-yogi.com points out, the VA has several methods to assist our veterans, one of which is a purchase loan. this is a straightforward loan to buy a home with, but it has a very low interest rate so the payments are low, as well. There are also loans just for Native American veterans so they can purchase, improve upon, or build a home. For all veterans who’ve been disabled or partially so while on active duty, there’s adapted housing grants so a house can be built or renovated to suit his needs.

With so many options available, Evan was able to get a mortgage for veterans that worked for him. He applied for it through a VA-approved lender and had his approval in a couple of weeks. I sent him to www.Real-Estate-Yogi.com too, so he could get his own first-hand information. He was very pleased that the website is operational 24 hours a day, every day, so he could contact it at his convenience. You can, too, by dialing 1-800-987-1397 for a free initial conference.

Obtaining a VA Home Mortgage From Military Mortgage Specialist

I am not a veteran of the Armed Forces, but I know several people who are, and I also know that they’re having some difficulty finding information about VA home mortgage loans. They don’t know where to apply for one or what forms they’ll need prior to applying. The entire application process is unclear for them, but Real-estate-yogi.com is a veteran-friendly cost-free website that can provide some direction for these former warriors, and I highly recommend it for the accuracy and intelligence of the information it supplies. Let me tell you what I learned from the site about VA mortgages.

Let’s start with eligibility requirements for a VA home mortgage loan. If you’ve served on active duty for at least 181 days in peacetime, 90 days in war time, 6 years in the National Guards or Reserves, or if you’re a military spouse, you may qualify for VA financing. If you meet any one of those criteria, you can get VA assistance for home buying. Real-estate-yogi.com points out that the information you’ll need to know before applying includes your employment history for the past two years and your income plus your base pay, what bonuses or commissions you received in that time, asset data such as bank accounts and CDs, and your Social Security number, to name just a few. All of that information is completely confidential, and it can take just a short time to receive approval for your financing.

In general, the VA home mortgage interest rate is considerably lower than that of traditional home loans. You have to understand that there are costs inherent to VA loans, just as there are with other loans. There are usually no up-front costs other than possible for an appraisal, but there are closing costs. As Real-estate-yogi.com indicates, there’s a difference between closing costs and pre-paid items. Closing costs pertain directly to the loan; pre-paid items include setting up your escrow account and taking care of your first year of homeowner’s insurance. Pre-paid articles also cover the interest your loan accrues from closing until the first day of the next month.

Other general information about VA home mortgages deals with frequently asked questions, such as whether a veteran can purchase a home with no money down, which he can, so long as the price of the home in question doesn’t exceed the maximum allowable loan amount. Another query addresses earnest money. This is an amount of money you put down to hold the house until you can get everything together to go through with the purchase of it. I learned all of this and more from www.real-estate-yogi.com, and you can, too. The website is available for inquiries 24 hours a day, every day, so contact it by dialing 1-800-987-1397 to get a free initial conference. 

Information Regarding VA Mortgage Programs!!

As a veteran of the armed forces I am constantly learning of the many benefits it is bringing to my civilian life back home. I joined the military because I had come from a relatively poor background, couldn't afford higher education and had limited options elsewhere in the professional world. This decision has paid off in many ways and now I am learning about the veteran mortgage loan programs. America's veterans are able to get low cost home loans that are easier to get than traditional loans making them the first option for many service members.

Veteran's Mortgage Benefits

• There is usually no down payment. This can change if the purchase price is higher than the appraised value of the home. Generally, veteran's mortgages cost nothing initially.
• During the life of the loan you can refinance to obtain cash from your equity.
• There is no prepayment penalty, or requirement for MIP insurance, and the mortgage is assumable. Should anything ever happen to you, you will know that your spouse or child could potentially take over responsibility of the loan.

VA loan programs are government guaranteed home loans offered to both veterans and active duty military personnel. The money actually comes from a private lender but is backed by the government which basically means that the VA mortgage company will be repaid should the borrower fail to repay the loan. Similar to an FHA loan, the risk to the lender is lower making it more likely the loan will be approved. So even without a down payment or good credit score it can be easy for a veteran to get cheap fixed rate mortgages or an adjustable rate mortgage.

The Benefits

Obtaining a loan with no money down is perhaps the greatest benefit to acquiring a mortgage. As a service member you won't have to pay mortgage interest when buying a home without a down payment because the government fully guarantees the loan. The rates remain competitive with other loan providers. The mortgages are half to a full percent lower than what you'd get normally with a traditional lender. This government guarantee means everything and because of this, even veterans with poor credit scores can get loans.

How To Apply

VA mortgage loans are available to any veteran or active duty military personnel as well as some members of the reserve and National Guard. The Request for Certificate of Eligibility is filed as VA Form 26-1880. You might find a lender with the ability to apply for the certificate of eligibility on your behalf. Once you have your certificate in hand you can choose a lender that offers the program. The lender then looks at your credit rating and orders for an appraisal of the property. You will pay for this part. Once you are approved you can select a home and make a purchase. From this point on you repay the loan like any other mortgage payment plan.

There are limitations to a VA loan however and you definitely won't be able to obtain one if you've been dishonorably discharged from the military. However you can find out more by visiting www.real-estate-yogi.com today. Call them any time for a free consultation at 1-800-987-1397. 

Acquire Va Mortgage Loan Instant Approval From Military Mortgage Specialist

I have a cousin in the Marines who’s about to be discharged from his duties. He’s looking to buy a home where he and his family can live for a long time. He asked if I knew anything about what a military mortgage specialist is, and I said no, but I could find out about it for him. He accepted my offer, and I hopped into my computer chair, booted up the machine, and went directly to Real-estate-yogi.com, where I knew, from experience, that I’d find the information I was looking for. Sure enough, it took less than one minute to learn what a mortgage specialist for veterans is. It’s a specially trained mortgage professional who focuses on the specifics of veteran’s mortgage loans. Simple enough, right?

As usual with me, one search led to another, and I had to find out (for my own knowledge) what a military united mortgage is. It struck me that it shouldn't be that different from a traditional mortgage, so imagine my surprise when I realized that it’s a company which provides loans to veterans at terrific rates! This loan company is a devoted VA lender which is approved by military leaders, and has an A+ rating from the Better Business Bureau. Their mortgage specialists are trained thoroughly in the rules and regulations of military mortgage lending, and are given extensive education about VA eligibility. The benefit of obtaining a mortgage through Military United is that you can get to closing on it quickly, in about a third the amount of time to close on a regular mortgage. I immediately called my cousin to tell him about Military United, and he was very grateful for the information.

Other information that I got from Real-estate-yogi.com taught me how to look into veteran (s) refinance mortgage rates. As with any mortgage loan, you want to get the best possible interest rate, so it’s a good move to check with several VA-approved financers to see what they’re offering. Generally, VA loan rates are lower than traditional mortgage loans’ are, but they can vary from one lender to the next and one town to another by as much as .5% -1%. Taking the time to check out a few lenders can save thousands, so it’s worth doing. Along the way, I compared the veteran’s rates to today’s current fixed mortgage rates and found them to be considerably lower than regular lenders’. I pointed this out to my cousin, and he thanked me for the time I put into looking into all of this for him. Knowing how little time it actually took, I just smiled.

www.real-estate-yogi.com is an awesome, no-cost website that connects those of us who have questions about financing for veterans to the fiscal experts who can supply the answers. For your free consultation, dial 1-800-987-1397.

VA Loans every Service Member Should Explore

I want to help you good soldiers out there. I've been in real estate a long time and have helped many people own homes. Enlightening them to the various mortgage possibilities has always been fun for me because the majority of young folks I've met don't think they can afford a house. The first thing I'd say if you come to me with the thought of owning a home is "start saving now". The next thing I'd say is "start researching a mortgage you could afford". However, if you are a veteran of the armed services you have some incredible advantages you can use to help you own a house. Because you have served America in one of the toughest jobs on earth, America wants to help you own a home. Here is how veterans mortgage assistance works.

• If you've currently served a minimum of 90 days in the military continuously you qualify for a military mortgage.
• If you are retired from the military it all depends on whether you served during wartime, or peacetime. Those who served during the 1980's the rules say you must have served for 24 continuous months. Or 181 days during which you were ordered to active duty. In any of these cases you must not have been dishonorably discharged.
• These mortgages often require no down payment and the mortgage is assumable.
• The VA will assist in cases of default such as temporary financial difficulty.

What's so great about VA loans?

More and more service members are taking advantage of having served in the military industry by applying for mortgage help for veterans. A few years ago it was common for lenders to offer 0% down payment loans. Once the housing market crashed that option became hard to find. VA home mortgage loans are one way to still get that no down payment price tag. Not having to make a down payment will help you keep that emergency fund which is absolutely crucial for any home owner. Imagine how you might use this money down the line for home repairs or to get you through a temporary financial crunch.

Not the same as FHA approved loans

Unlike FHA loans and the other low down payment options out there, VA loans don't require private mortgage insurance otherwise known as PMI. Not having to pay a PMI will help your monthly cash flow significantly. It might not help in the upfront costs, but it will definitely decrease the long-term cost of owning your own home.

So before you explore some adjustable rate mortgage to make it easier to buy a home, if you are in the armed services, you should apply for a VA loan. This is especially true if you plan on raising a family in this new home. The mortgage is assumable, so if anything were to happen to you, the VA mortgage could then be assumed by your wife or children one day.

For the latest advice on real estate and owning a home visit www.real-estate-yogi.com. They have agents available for free consultations 24 hours a day. Simply pick up the phone and call 1-800-987-1397.

Aspects of Veteran's Mortgage Loan Assistance Programs

I've been a veteran of the armed forces for about 12 yrs now and for the past two I had been considering buying my first home. Recently married I knew that it was time to create a more settled life for raising a potential family. It was time to explore my options.

If you are familiar with the typical pay of a service member you probably are aware that it isn't a job that makes people instantly wealthy. I had to consider what types of mortgages are out there and what I could actually afford to be paying. The housing market is so variable right now that a good deal today might not seem too great tomorrow.

At first my wife suggested we look into an FHA adjustable rate mortgage because she had heard you didn't need a lot of money to put on a down payment. But we found that adjustable rate mortgages would be high risk for us if we intended to pay off the loan entirely one day. We needed another idea and this came when I learned that being a veteran of the armed services offered me some distinct advantages to owning a home and taking out a mortgage.

• VA mortgages usually require no down payment
• The mortgage is assumable with no prepayment penalty
• There isn't a requirement for MIP insurance
• The VA will offer assistance in the case of default due to temporary financial difficulties

My wife and I explored Veteran Refinance Mortgage Rates further to see just how far we might be able to go in acquiring a new home. We spoke with a knowledgeable Real-Estate-Yogi.com agent who had helped military service members in the past. He set us up with the necessary paperwork to apply for eligibility.

What are some of the rules for eligibility?

Because I had been serving in the military for a number of years I was a great candidate for assistance. The rules state that an active duty member needs to have served continuously for a minimum of 90 days. I had far exceeded those numbers! I learned some other aspects of a VA Loan that I'd like to share with all my former colleagues who no longer serve in the military.

How about those who no longer serve?

For those who have served during wartime you must have served at least 90 days continuously to be considered eligible for aid. When you were released from the military it had to have been honorably, or due to some other discharge other than dishonorable. This could be from a service related disability or injury from combat.

Those who served during peacetime must have served a minimum of 181 days of continuous active duty. A dishonorably discharge will automatically disqualify you. If you served during the 1980's you might be eligible if you served for 24 continuous months or at least 181 days during which you had been ordered to active duty. As with any veteran aid, everything is reliant on your service history. If you were dishonorably discharged you won't be eligible for this type of aid and will have to find another source.

I was able to find reliable help through Real-Estate-Yogi.com. Their experts provided me with all of the latest information on ways to fund home ownership. Through their agents I was introduced to all things real estate including ideas about veteran refinance mortgage rates and cash out refinancing. These are all things I need to know about going forward with home ownership. I highly recommend visiting their website and calling them directly at 1-800-987-1397.