More Comfortable VA Loan Requirements Allow More Veterans To Purchase Homes

by Matthew K. Balch on March 10, 2012

Veterans have offered a lot to their country, it is time they receive some benefits. More veterans are able to take advantage of home ownership, because the relaxed VA loan requirements. Veterans that own homes tend to be more positive about their financial future, because of the value of the home. The home that the veteran already owns can be refinanced, or if they are looking to purchase a home, applying for VA loan benefits can be a wise choice.

Have your SSN, a couple of year’s history on prior residence, employment and income verification like W2’s, plus your Certificate of Eligibility organized for qualification. With the process being easier, more veterans are able to comply. Conventional mortgage loans call for a lot more pieces of information for the qualification process. The COE is significant to help the veterans receive the most from their VA benefits.

The price range will be determined during pre-qualification, to help the veteran know how much they can manage to pay for on a home. The process is fast, because of the easier loan requirements, which helps the veterans with the entire home buying process. Checking with a VA mortgage lending firm to help you get pre-qualified is a good idea, so you can find a home while the interest rates are reasonable.

The VA Guarantee Jumbo loan is a benefit that helps veterans that want to purchase in an area where the prices are higher than the rest of the country. In the first 5 years of the loan, a veteran can receive lower payments, because of a fixed rate in a program called the VA Hybrid ARM loans. In the future the ARM loan will remain the same for 5 years, then can raise as much as 1% per year. A cap of 5% over the initial interest rate is placed in the terms, to help make the opportunity economical for the veteran.

The VA has a program, called Streamline Refinance, to make the process easier than when many veterans originally applied. The? veterans benefit from the no appraisal required when they owe more on their home, than it is worth. Individuals that are even upside down on their mortgage can get refinanced, because the low interest rates that are available. When a veteran already has a VA loan, they are able to refinance it to save thousands of dollars with the streamline program.

A? veteran using their VA benefits, can qualify even with a credit score that is lower than a conventional loan can require. Veterans are buying more homes, because of the relaxed VA loan requirements.

Learn more about the benefits of or va loan requirements, va home loans.

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