VA Loans – No Money Down

The Road-map to VA Home Loans

VA No Money Down 2011Here are some of the VA no money down home loans guidelines. For those who serve the nation, the nation gives back, and the VA home loans are probably the last no money down mortgage plans out there which are relevant for many. One amazing fact is that since the WWII about 14 million veterans have purchased a home with the aid of the VA home loans.

The best way to find your way and manage to acquire a VA Home Loan is to go to the U.S. Department of Veterans Affairs and search the vast data base.

The U.S. Department of Veterans Affairs loans are like the FHA home loans, it does not end the money it self but rather insures the loans taken by the veterans. The veterans can borrow from the banks and lending companies by the terms allowed by the US Department of Veterans Affairs.

VA Home Loans Advantages

  1. One of the best advantages of the VA home loans program, is that the veterans can get no down payment loans. This is a great benefit as these kind of loan plans have ‘evaporated’ from the markets after the 2008/9 real estate decline.
  2. Because there are no down payment, there is no need for PMI (private mortgage insurance) for the VA loans.
  3. Part of the benefits are that the process for the VA Loan qualification is more flexible for the borrower, the lenders are less harsh on some matters.
  4. While bad or low credit can eliminate the chance for a mortgage, the veterans can obtain a VA loan even with credit score which is unacceptable for conventional mortgages.
  5. VA’s Policy Regarding Natural Disasters is another way to help the veterans with VA loans in places that where declared as disasters like hurricanes and tornadoes.

As you can see the VA loans support the veterans prior and after the home loan process is completed.

Low Or No Costs & Fees For VA Loans

The fees and costs for the VA loans are not regulated but there are guidelines that help keep these mortgage fees incomparable to the civilians mortgage costs and fees. We can begin and say that for the VA home loans – there are no broker fees, no ‘unique’ commissions or buyer fees.

Many home buyers are amazed to find out how many ‘new’ buyer fees they are expected to pay through the mortgage process, all this is taken care of for the VA mortgage loans. The fees which are POC (paid outside of closing) are similar to conventional mortgage fees and may include (the FICO score credit report, the special VA appraisal fees. More fees which may be paid outside the closing costs are title search fees and title insurance payments.

Certificate of Eligibility For VA Loans

There are many lenders who participate in the VA loan program. They will need at some stage a proof that you are eligible for a VA loan. This certificate can be found over the VA website, and needs to be filed at the lenders request for further processing of your mortgage. If you are still at military service, a higher headquater can sign it for you, with your social security number, they will need to provide your date of entry on your current active duty period.

 No Down Payment VA Loans

The best part of the VA home loans is that these home loans are require no money down payments, you actually get 100% financing for your mortgage. This is the way the country can assist those to protect it to purchase a home at the most honest financial terms available.

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