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.