Welcome to Home Loans Guide
First Time Buyer Home Loans Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
How Military Men Benefit from VA Home Loans
from:Serving the military offers many advantages, including finding it easy to get a home loan. This is because of the concept of VA home loans. This loan program was started in 1944 and was first called the Servicemen’s Readjustment Act that aimed at helping returning servicemen settle down by buying their own homes.
VA home loans are home loans geared for ex-military servicemen and women. You are eligible for the loan if you had been honorably discharged from the military. There are other requirements you have to fulfill for the loan, which vary with whether you served in the reserves or full time. So you have to check this with your lender.
There are Many Lenders to Choose From
You can get VA home loans from numerous lenders like banks, savings and loan institutions where you are guaranteed about 25% of your complete home loan. It can be said that this is a loan that offers the lender additional protection from possible loss at a later date.
VA home loans prove to be advantageous if you are eligible for it. There are no expensive fees to be paid for the processing of the loan. This is because the lender usually needs only 2% of the loan amount. However there are some associated costs you have to pay like appraisal, compliance costs and recording fees.
Not Much Time is wasted in the Application Process of the Loan
Even if you have a poor credit rating, you may still be eligible for VA home loans. This is because the lender first analyzes your credit history to find out if you have been making all your credit and utility payments on a regular basis. And if you have been delinquent in your payments, you can work things out with your lender and at the most, have to make a down payment for the loan.
Another advantage of VA home loans is its easy application process. You just have to approach the local VA office and apply for a Certificate of Eligibility. Once you are approved for the loan, you can look for the house you wish to buy. On choosing the right house, you have to approach a VA approved lender who will order an appraisal, pull credit and ask for some of your income statements.
With this, basic closing tasks are conducted by the lender, like title checks. And if there are no complications, your VA home loans are issued wherein you can move into the house you were dreaming about when in the military.
First Time Buyer Home Loans Specific links
First Time Buyer Home Loans News
First-time buyer lending up 74%
Lending to first-time buyers surged 74% during March in a rush to beat a deadline for the end of a stamp duty concession, figures have shown.
Read more...Video: First-time homebuying regrets
Intro: Becoming a first time home buyer is a dream come true. But a home buyer's inexperience can cause them to make some pretty big mistakes.Take VO: The number one, most common mistake first time homebuyer's ...
Read more...US home sales up across the country, hopeful sign
Americans are buying more homes in every region of the country, the latest indication that the housing market could be on the mend.An increasing portion of those sales are from first-time buyers, who are ...
Read more...ISU Extension and Outreach offers home buyer education online
USDA Rural Development and other lending agencies require first-time homebuyers to complete education from a certified provider to qualify for the agency’s rural housing loans. Iowa State University E
Read more...How to deal with property chain problems
Buying a new home is exciting, but so much can go wrong before completion. Here's why you need a plan B if the deal falls through and how you can minimise any financial loss.
Read more...