As more and more veterans begin to leave the military having given their service bravely to their country, there are a number of different programs that will assist qualified Veterans to purchase a home. For many veterans, this may be the first home that they have ever purchased. The Veterans Guaranteed home loan program assists veterans to buy a home and provides a guarantee for their lender. Lenders clamor to participate in this program because it makes their risk non existent, should the Veteran not be able to make their payments the United States Government will.
The advantages of the VA guaranteed home program are many, and it can be used in several different ways for the benefit of the military Veteran. The home loans available under the VA guaranteed home program can often be at substantial savings and competitive rates. The rates that are available are often more beneficial than the rates of other home loan rates. The loan program can be used at nearly any financing home loan lender, and are benefits sometimes not realized by many Veterans and Servicemembers that have served our nation with distinction and pride. Qualifying for the program can also be simpler; a Veteran can often have less than perfect credit and still qualify for the program. A veteran is able to receive more funding and often there are more options available in purchasing a home under the Veterans home loan program.
The first step to qualification for a VA home loan is to get a certificate of eligibility for the VA home loan program. This can be done in person at any regional VA office or you can go on the Internet and apply online. Once you have a certificate of Eligibility, you can then approach a lender to start the home loan program. Once you are able to get a certificate of eligibility, you can apply for potentially up to $417,000 dollars. The fees that you incur as a VA loan applicant as a rule tend to be very low, plus they are limited by existing laws to be capped at 3.3 percent of the total loan amount. At the maximum loan amount the fees would be restricted to $13, 762 dollars maximum.
The Veteran Administration Guaranteed Home loan program is a valuable benefit that can help Veterans and their families, and should be examined by every Veteran who wants to participate in purchasing a reasonably priced home and who wants to save money.