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There are Some Real Advantages to VA Loans that You Should Look Into

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By : marco benavides    99 or more times read
Loans from the VA are made available to current and former United States Military Service members. There are requirements as to the length of time that a former member must have served and/or the time when the former member served. Current military service members must have a certain amount of time in service to be eligible for a VA loan. The website is a good place to go to for exact information on former or current service member requirements.

If you find that you meet eligibility requirements, you can really make use of some of the advantages that VA loans have over other loans. For example, one of the advantages of a VA loan is that you do not usually have to make a down payment. There may be some specific mortgage lenders who may require a down payment. There may be a down payment required also if the purchase price of the property is greater than its reasonable value.

Another advantage that VA loans have is that you will not have to take out PMI or private mortgage insurance. This is because the VA guarantees your loan should you not be able to keep up with your payments for whatever reason. If your mortgage loan is guaranteed by the VA, then it stands to reason that you should not have to take out insurance on a mortgage that is already covered by the VA.

One very important advantage to a VA loan is that the mortgage loan can be assumed. If you should want to sell your house at a later time, the buyer can take over the mortgage. If you are paying a lower interest rate than what the going market rates are at the time of the sale, it will make your house more attractive to potential buyers.

If you should run into financial hardship after taking out your mortgage, you can get VA assistance as a veteran borrower. This will give you some peace of mind because you will know you will get a lending hand if something should come up that will prevent you from making your mortgage payments. The recession that this country has gone through has made people aware that it is really important to have a helping hand. Trouble may be just around the corner, even if you are currently in a very sound financial situation.

However, please do not think that a VA home loan is a gift or that it is any different from any other loan in the sense that you still have to go through the mortgage process. You will still have to go to a lender and request the home loan. You will still have to qualify for the mortgage loan, although the fact that it is a VA home loan may make it easier for you to get reasonable rates and terms. If you know that you are a qualified veteran, make sure you shop around for the best mortgage rates and terms possible. It is only a question of being patient and looking into the different mortgage lenders available.
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