A Veterans home loan or VA Loan is a loan that is guaranteed up to a certain point by private lenders such as banks and mortgage companies. These guaranteed amounts replace what most lenders require when you make a down payment on a home which means you can potentially get a home with little money down and favorably increase the loan terms.
A Veterans home loan is intended to help active and retired military personnel realize the dream of home ownership. The nice thing about a Veterans Loan as opposed to a conventional loan is the fact that even if your credit is less than perfect and not up to snuff for a conventional loan you still may be able to qualify. But what is the process of obtaining a Veterans home loan?
When trying to obtain your VA loan you will have to follow these steps:
See if you qualify. The first step is to determine if you are an individual who qualifies for a Veterans home loan. This can be accomplished by speaking to a Veterans Home loan specialist who will ask you several questions to see if you are eligible. This process is usually free and not very time consuming. There are also a number of online resources that can help you determine if you are eligible to apply for a Veterans home loan, but keep in mind that there are also exceptions to every rule and this is where speaking with specialists can benefit you.
Fill out your Certificate of Eligibility. Once you determine that you are eligible to apply, you must fill out what is known as a Certificate of Eligibility.
Determine your interest rate. Interest rates are determined by a number of factors including your credit history. Once you have determined that you are eligible and have filled out all the necessary paperwork, you can again talk with a specialist to help you determine what your interest rate will be.
Get pre-qualified. Once you have determined the rate and your level of eligibility you will know how much money you have been approved for and can begin to shop around with confidence knowing that your Veterans home loan is pre-approved.
Find your dream home. The last step is to find your dream home and realize the joy of being a homeowner. Now all you have to do is to pay your mortgage on time and enjoy your new home.
Though many qualify for a VA loan they either do not realize it or just don’t take advantage of it. It is a wonderful program and is intended to help all of those who have served our country with honor and courage. If you think you may be eligible for a Veterans home loan but are not sure, it is definitely in your best interest to take some time and contact a specialist and find out if you are. Your dream of home ownership may be closer than you think.
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