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.
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