The U.S. Department of Veterans Affairs (VA) backed home mortgage loans are the highest-value loans the VA guarantees for servicemen and women without needing to pay a down payment. These loans are great options for people who have served the country or are the qualified family members of those who have served. The benefit has also just gotten a lot better. As of 2020, the VA eliminated loan limits for those that have full entitlement and haven’t used this benefit yet.
To learn more about VA loans and the impact of LendUS’s participation in Lifetime’s show Military Makeover, we spoke with Gilbert, AZ Branch’s Area Sales Manager, Jared Paul. As a Loan Officer, Paul has been working to help homebuyer consumers, especially those who have served like himself, get the right mortgage loan program they can qualify for. Paul was on active duty in the U.S. Marine Corps from 1992 to 1996 and was on inactive status from 1996 to 2000. He has been working in the mortgage industry since then for 21 years now and counting.
The U.S. Department of Veterans Affairs (VA) offers home loan benefits for eligible veterans. These benefits could be extended to the surviving spouses of veterans in the unfortunate event of their demise. As a surviving spouse of a veteran planning to get a VA-backed home loan for the first time, here are the important things you need to know:
Mortgage refinancing is making a buzz as interest rates continue to become favorable to eligible homeowners. As a VA home loan beneficiary, you could get unsolicited offers from mortgage lenders and other financial institutions to seize the opportunity to reduce your monthly payments. Although the U.S. Department of Veterans Affairs (VA) makes it possible for eligible VA home loan beneficiaries to fulfill their homeownership dreams, there could be situations when refinancing can make a VA home loan even more rewarding.
Home shopping immediately comes to mind for veterans and other eligible VA-backed home loan borrowers who were able to obtain a Certificate of Eligibility or COE. However, if you’re a serious homebuyer taking out a VA loan for the first time, there are steps you need to take before shopping for a home.
Eligible veterans and other homebuyers who were able to obtain a Certificate of Eligibility or COE may start using their VA home loan benefits, especially this year that they can apply for a higher loan amount to buy their dream home. Without the need of putting a down payment and with no mortgage insurance requirements are, by far, the most significant advantages of taking out a VA loan to buy a home. The U.S. Department of Veterans Affairs (VA), however, requires veterans to pay a funding fee.
A recent Government Accountability Office (GAO) report called the attention of the Department of Veterans Affairs (VA) to improve their ways of protecting veterans against fraudsters who might take advantage of their situation. Veterans are highly vulnerable to scams especially if they are falling behind on their mortgage and are already threatened to lose their homes.
The Department of Veterans Affairs (VA) extends its helping hands to financially-challenged Veterans who have taken a VA-backed home loan. After serving the country, our Veterans truly deserve to get all the help they need to have a comfortable living back here at home. Through the Interest Rate Reduction Refinance Loan or IRRRL, it is possible for Veterans to streamline refinance their current VA-backed loan, especially nowadays that interest rates are becoming more favorable to borrowers.
Veterans who plan to buy a home using their VA Home Loan benefit have to undergo several steps where they need to settle several upfront fees before they can start moving into their dream home. Appraisal is on top of the list of fees that Veterans need to pay upfront, and it’s a process that every Veteran should undergo before underwriters decide their fate. The VA requires a home appraisal to ensure that Veterans and their families get a quality home.
It’s just fair for Veterans to have a meaningful civilian life after dedicating their lives serving the country and its citizenry. To compensate for their dedication, the U.S. Department of Veterans Affairs (VA) has created programs to make the lives of Veterans comfortable as they transition from being active service members to ordinary citizens. The VA home loan is among the popular programs that help Veterans fulfill their American dream of becoming a homeowner.