Home Purchase Archive

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Get the FAQs on VA Home Loans

house for sale sign

Why get a VA loan over other types? Simply put, a VA Home loan allows qualified buyers the opportunity to purchase a home with no down payment. Also, there are no monthly mortgage insurance premiums to pay, limitations on buyer's closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, construction is inspected at appropriate stages and a one year warranty is required from the builder. VA al... more

Top 3 VA Home Loan Tips

military family in front of house

There are numerous advantages to having a VA mortgage. A VA mortgage loan can be guaranteed with no money down, in some cases up to $417,000. There is also no private mortgage insurance requirement with a VA guaranteed loan, which could offer you substantial savings on your monthly payment.  You can even use your VA Loan benefit to refinance an existing loan -- even if it is not a VA Loan. Be sure to ask for information about the interest rat... more

What Is a VA Guaranteed Home Loan?

gray home

A VA-guaranteed loan is a loan made by private lenders (such as banks, savings & loans, or mortgage companies) to eligible veterans. If you want to purchase a home, condominium or manufactured home, the VA can guarantee up to $417,000 of the total loan -- much higher than you can get with most conventional home loans. Better yet, there is no need to worry about financing a down payment (the portion of the home purchase price which the buyer ... more

Starting the Loan Application Process

Home loan signature line.

Now that you've determined that you are eligible (if you aren't sure, please check your VA loan eligibility), you can begin the loan application process. This process involves six important steps: finding a VA-approved lender, pre-qualifying for a loan, selecting your home, drawing up the purchase contract, getting the property appraised by the VA, and finalizing the loan. To obtain a VA loan, it is important to note that the law requires tha... more

Using Your VA Home Loans to Buy Foreclosed Homes

Housing finance options and information

VA loans can be used to purchase foreclosed properties as long as the VA guidelines are met. Foreclosures are controlled by the servicer of the loan and are usually sold in two different ways. In most cases, a foreclosed property will first be offered through auction by the county sheriff to the highest bidder. If the home fails to sell to a third party at auction, then the home may be acquired by the lender and then made available through typ... more

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