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Va Mortgage Loans

How To Get Overview Of VA Mortgage Loan Requirements

By bakerleo : A how to tutorial about Business with step by step guide from bakerleo.

Introduction

One of the attractions for Va Mortgage Loans is the VA mortgage loanrate. The rate is fixed by the government and is usually a fraction belowconventional loan rates. With conventional rates so low today, the differenceis not as substantial as it was in the past. However, there are still manyvalid reasons borrowers choose to finance their home purchase through the VA.

Steps

  1. Qualifying for a Veterans Mortgage Loan

    There are specific qualifications for a VA mortgage loan ; not everyone qualifies for these types of loans. There are also a numberof advantages to choosing a VA loan over a conventional loan. According toReal-Estate-Yogi.com, a borrower must meet the following criteria to qualifyfor a VA mortgage:

    1) Borrower must hold an honorable discharge from one of the branches of the U.S. military

    2) Borrower must have served a minimum number of days as per the qualifications for his specific branch of service and service area (Active or Reserve)

    3) Borrower must be able to meet the minimum income requirements for the home he wishes to purchase

    4) Borrower must be able to provide documentation of military service (DD214)

    5) Borrower must be able to provide documentation of all requested items (income, credit, bank accounts, etc.

  2. If you are interested in more information on how toqualify for a Veterans mortgage, visit Real-Estate-Yogi and fill out the contact information for you will find within the pages of the website. Someonewill be in touch with you very soon.

Things You Will Need

  • Requirementsfor a Veterans Mortgage

    While there are some more specific requirements toqualify for a VA mortgage, those who were honorably discharged and have servedthe required number of days of service meet the initial VA mortgage loan requirements. There are certainly otherrequirements as well such as income, credit, ability to provide proper documentation as requested and having the income to support the mortgage the borrower is seeking. All of these factors play a part in determining whether an individual veteran will qualify for a Veterans mortgage.

    Guidelinesfor Veterans Mortgages

    There are some factors that are required in orderto obtain a VA mortgage, but these are in addition to guidelines the VA and lender may put into place. While the government guarantees these loans, theyalso must follow some VA mortgage loan guidelines, so meeting the initial qualifications does not mean a borrowerwill be approved. For instance, a borrower who has had a foreclosure, especially one that involved a former VA mortgage may not be approved for a newmortgage even though he meets the preliminary requirements.

Tips

  • Applying for a VA mortgage loan involves an enormous amount of paperwork even for thoseborrowers who meet the initial VA mortgage loan requirements. However, meeting the original requirements doesnot mean a borrower is approved as he also must succumb toVA mortgage loan guidelinesas well. Another consideration for many people when they decide to apply for a VA mortgage is the VA mortgage loan rate.

Related Resources

Qualifyingfor a VA mortgage involves a great deal of paperwork. However, you have somehelp in gathering what you need:real-estate-yogi.com . Thewebsite has a great deal of information related to VA mortgages. You can alsofind a huge database of over 230, 000 legal and financial consultants throughoutthe United States that is completely free. Call1-800-987-1397and take advantage of the free consultation.


Original article published on PubArticles.com

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