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VA Home Loans: Financing for Eligible Veterans and Service Members in Amarillo, Texas For Sale

VA Home Loans: Financing for Eligible Veterans and Service Members
Seller:
Type: Real Estate, For Sale - Private.

If you are an active military service member or previously served in the armed forces, you may be eligible for a VA Loan.
The VA Loan Benefit makes it easier to get a home loan and allows qualified buyers to buy a home with $0 down or streamline refinance to a lower rate.
Qualified buyers can:
Buy a Home with $0 Down
Refi to Lower Monthly Payments
Pay Off Higher-Rate Balances
Lock in a Low Rate
See if your scenario is eligible for a VA Home Loan.
Call 1-877-908-xxxx or please visit:
http://vaguaranteedhomeloans.com
What is a VA Loan?
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.
VA Home Loans
The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 per cent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.
VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.
The maximum VA loan guarantee varies by county. As of 1 January xxxx, the maximum VA loan amount with no down payment is usually $417,000, although this amount may rise to as much as $1,094,625 in certain specified ?high-cost counties?.
History
The original Servicemen?s Readjustment Act, passed by the United States Congress in xxxx, extended a wide variety of benefits to eligible veterans. The VA loan guarantee program was especially important to veterans.[2] Under the law, as amended, the VA is authorized to guarantee or insure home, farm, and business loans made to veterans by lending institutions. Over the history of the program, 20 million VA home loans have been insured by the government. The VA can make direct loans in certain areas for the purpose of purchasing or constructing a home or farm residence, or for repair, alteration, or improvement of the dwelling. The terms and requirements of VA farm and business loans have not induced private lenders to make such loans in volume during recent years.
The Veterans Housing Act of xxxx removed all termination dates for applying for VA-guaranteed housing loans. This xxxx amendment also provided for VA-guaranteed loans on mobile homes.
More recently, the Veterans Housing Benefits Improvement Act of xxxx expanded and increased the benefits for millions of American veterans.
Until xxxx, the VA loan guarantee program was available only to veterans who served on active duty during specified periods. However, with the enactment of the Veterans Home Loan Program Amendments of xxxx (Public Law 102-547, approved 28 October xxxx), program eligibility was expanded to include Reservists and National Guard personnel who served honorably for at least six years without otherwise qualifying under the previous active duty provisions. Such personnel are required to pay a slightly higher funding fee when obtaining a VA home loan.
Despite a great deal of confusion and misunderstanding, the federal government generally does not make direct loans under the act. The government simply guarantees loans made by ordinary mortgage lenders (descriptions of which appear in subsequent sections) after veterans make their own arrangements for the loans through normal financial circles. The Veterans Administration then appraises the property in question and, if satisfied with the risk involved, guarantees the lender against loss of principal if the buyer defaults.
In association with the VA?s program, the Servicemembers? Civil Relief Act protects service members from financial woes on their home loan that may occur as a result of active duty commitments, freezing their interest rates at 6%.
On October 26, xxxx, the Department of Veterans Affairs announced it has guaranteed 20 million home loans since its home loan program was established in xxxx as part of the original GI Bill of Rights for returning World War II Veterans. The 20 millionth loan was guaranteed for a home in Woodbridge, Va., purchased by the surviving spouse of an Iraq War Veteran who died in xxxx.
Other types of loans
Refinancing Loans .50%
Manufactured Home Loans 1.00%
Loan Assumptions .50%
Veterans who previously lived in a home they had to then rent out will typically qualify for a no appraisal Interest Rate Reduction Refinance. The Veteran?s Administration also allows Veteran Homeowners to refinance from a Conventional loan to a VA mortgage Loan. This process, however, does require an appraisal.
The VA does not have a minimum credit score used for pre-qualifying for a mortgage loan, however, most Lenders require a minimum credit score of at least 620.
A Veteran who has used their entitlement to previously purchase a home, may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits then you might still have some of that ?Entitlement? available to you for the purchase a new home! To Calculate Maximum Entitlement available, consider the following:
If your previous home was purchased using a VA Loan, and that loan was paid off by the new owners, the full entitlement may have been restored.
If you sold your home to someone, and allowed them to ASSUME your VA Loan, then you might have the full entitlement restored, if one or more of the purchasers were also Veterans.
If you still own the home, and you are renting it out ? you might be able to purchase a new home using your partial entitlement, but there are several restrictions.
Allowable Income Sources used to qualify for a VA Loan include: Retirement Income, Social Security Income, Child Support, Alimony and Separate Maintenance, BAH, BAS and Disability Income. Dependency and Indemnity Compensation (DIC)for a Surviving Spouse can also be included. In addition, stable, documented income from employers remains the best income source for VA loans.
See if your scenario is eligible for a VA Home Loan.
Call 1-877-908-xxxx or please visit:
http://vaguaranteedhomeloans.com

State: Texas  City: Amarillo  Category: Real Estate
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