VA Loans Benefits: It Just Keeps Getting Better

By Ching D. Dubin

Compared to conventional loans, VA loans give veterans a financing advantage that would not otherwise be possible. In fact, the VA loan advantage is uncomplicated: relaxed eligibility guidelines and increased ability to borrow up to 103.15 percent of the value of a home on purchase transactions. Additionally, interest rates may be frozen for service members honoring active duty commitments. Comparatively, a veteran loan is one of the best mortgage products out there, hands down!

Those Eligible For VA Loans Should Obtain A COE

To be eligible for VA loans, service members (active or retired), or surviving spouses of active members killed in the line of duty, must obtain a Certificate of Eligibility (COE) based on qualifying length of service and/or discharge. The process of obtaining a COE is often incorporated into the loan application and facilitated by VA-approved mortgage lenders. Veterans can also manually obtain their COE by directly applying to the Veteran?s Administration Department. In any event, a valid Certificate of Eligibility must be acquired before the completion of a veteran loan application.

Many first-time homebuyers worry about having enough cash for a down payment and having a blemish-free credit profile for an extended period. However, qualifying for veteran loans is more clear-cut than traditional loans. For example, a veteran can qualify for a loan with a fico score as low as 600, make no down payment at the time of purchase, obtain lower payments and lower interest rates, and suffer no pre-payment penalties for paying off a loan early.

All of these perks make applying for and getting veteran-loan approval very attractive. This is why veteran?s loans are so valuable! Put simply, a service member with a dream of homeownership has a viable means to achieve such a wonderful dream. What better way to reward service members than with a mortgage loan designed to meet his or her needs?

Since 1944, the GI Bill, or Servicemen?s Readjustment Act, has helped millions of veterans become proud, self-sufficient homeowners. Unfortunately, only about 10 percent of eligible service members take advantage of this benefit. Consequently, if you are a veteran and believe you are eligible for a loan, or would like more information on VA loans, contact a VA-approved mortgage lender today. With a little luck and a pound of perseverance, you will one day own a home of your own!

Get instant financial relief by lowering your mortgage payments at va loans and va interest rates.

Source: http://www.writers4net.com/miscellaneous/other-misc/va-loans-benefits-it-just-keeps-getting-better/

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