Are you familiar with the VA home loan program? With this, you may find yourself in position to buy the home of your dreams ? all at a price you can afford. Thanks in large part to the federally backed program, many veterans are able to buy a home when they would have otherwise been left without the ability to do so.
Unfortunately, there are many myths associated with the VA home loan program. Here are five that you need to be aware of.
1. I cannot use a VA home loan to purchase a foreclosed home. Believe it or not, this is a myth. You can use this type of loan to purchase a foreclosure or a short sale, all with little to no money down. There are not nearly as many limitations as some believe.
2. A surviving spouse is unable to take advantage of the VA home loan program. This is a common myth. Fortunately, it is just that. In many cases, surviving spouses are eligible for VA benefits. If qualified, spouses can borrow up to $417,000 for the purchase of a home.
3. My realtor can show me the ropes. While there is nothing wrong with relying on an agent for help buying a home, these professionals do not typically have much knowledge regarding the VA home loan program.
Tip: you are much better off contacting a lender with experience in this area.
4. Those who are deployed overseas are unable to obtain a VA guaranteed loan. This has slowed many soldiers down over the years. This does not have to be the case, however. Active duty Military can sign a power of attorney to designate a spouse or somebody else to act on their behalf. This makes it possible for somebody deployed overseas to move forward with the purchase of a home, even if they will not return to the United States for many months.
5. It will take a very long time for a VA home loan to close. This is not true. Instead, you should expect the loan process to be similar to those that are more traditional. Lenders with experience dealing with VA loans can often times close a transaction within 30 to 60 days.
If you begin to believe any of these myths, you may find yourself making poor decisions in regards to the type of loan you use to purchase a home.
Now that you know the truth, you can learn more about the VA home loan program and whether or not you qualify. If you do and you are in the market for a home, you will find it much easier to move forward with making a purchase.
One other issue is when you are in a problem where you will not have a co-signer then you may genuinely wish to try to exhaust all of your money for college options.
You will find many awards and other free college funding that will ensure that you
get funding that can help with school expenses. Thanks alot :
) for the post.
Useful info. Fortunate me I discovered your website by accident, and I am stunned why this twist of fate
did not took place in advance! I bookmarked it.
Fantastic beat ! I wish to apprentice while you amend
your web site, how can i subscribe for a blog website?
The account helped me a acceptable deal. I had been a little bit acquainted of
this your broadcast offered bright clear concept
My blog post http://www.credit-automobile.org
Thanks for the suggestions about credit repair
on this particular site. Some tips i would advice people should be to give up the particular mentality that they buy today and
shell out later. Like a society most people tend to do
this for many issues. This includes trips, furniture, and items we’d like. However, you need to separate your wants from the needs. While you’re working to fix your credit score actually you need some sacrifices.
For example you’ll be able to shop online to save cash or you can turn to second hand shops instead of costly department stores to get clothing.
Check out my web-site :: Mayra
I have been browsing online greater than 3
hours these days, yet I by no means discovered any attention-grabbing article like yours.
It
Greetings! Very useful advice within this post!
It is the little changes that will make the biggest changes.
Thanks for sharing!
Thanks for these pointers. One thing I should also
believe is the fact credit cards providing a
0% interest often entice consumers in with zero rate of interest, instant authorization and easy over-the-internet balance transfers, however beware of the real factor that will certainly void the 0% easy street annual percentage rate
and to throw one out into the very poor house quick.