The most attractive feature of the VA home loan is that it does not require any money for a down payment. This program also allows the home seller to pay the buying veteran's closing costs. This combination creates an opportunity for a veteran to buy a new home with not one penny out of his pocket. In fact, the VA home loan is often referred to as the "VA No-No," meaning that, when it is properly structured, it requires no down and no closing costs to the veteran. Another great feature of the VA home loan is that is does not require monthly mortgage insurance. Most other home loan products require expensive monthly mortgage insurance payments if you make a down payment of less than 20 percent. Omitting this monthly mortgage insurance can not only keep monthly mortgage payment lower, but also allows the buyer to qualify for a more expensive home. While this loan is called a Veterans Administration home loan it is not restricted to post-service veterans. Those who are currently serving in our armed forces, including the National Guard and Reserves may also qualify. A surviving spouse of a veteran may be entitled to this VA benefit as well under certain circumstances. The VA does require a minimal up front funding fee for this benefit, but it can be paid by the seller, or included in the new home loan if necessary. The buyer must be buying the home as a new principle residence, and qualify under all other standard VA home loan guidelines as well. Overall, the VA home loan has quite liberal guidelines, and they are written in a way that is to the benefit of our servicemen and women. It's also worth mentioning that, according to Retired U.S. Army General Erik Shinseki, who is now the secretary of Veteran Affairs, more than 90 percent of all VA home loans are made with Advertisement money for a down payment. Remarkably the VA home loan program has the lowest rate of foreclosures out of all loan products available. The American people support a great loan product, as a way to give back, and our service people and veterans appreciate it.
For more information on this outstanding home loan, or to find out if you are eligible for a VA home loan, contact an experienced VA home loan lender in your area. You can also find more information on the U.S. Department of Veteran Affairs Web site at www. homeloans.va.gov
P.S.- If you are a member of our nations Army, Navy, Air Force, Marines, National Guard, Coast Guard or are in the Reserves - thank you for all that you do. BY: Brent C. Bruce, Branch Manager, Allied Home Mortgage Capital Corp., 8480 Red Oak St., Rancho Cucamonga, CA 91730, Phone: (909) 463-4750, E-mail: bbruce@alliedhomenet.com http://www.brentbruce.com Created: 01/12/2010 10:39:39 AM featured in the http://www.dailybulletin.com/