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Understanding VA Loans

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By : Flynna Jones    99 or more times read
Nowadays, you can see heroes in all over the world. They do not have superficial weapons that fly in the sky just to see if there is something wrong in the place. These people are actually ordinary human beings who have guns, stand for their beliefs, and fight for the country and their countrymen. But their greatest armors are their bravery and nationalism.

Men in military such as the soldiers are actually the heroes of their time. These are individuals who have sacrificed their life just to give freedom to their country. They are very willing to offer their life for their countrymen and their country, America.

These people deserve to be rewarded because of their bravery. Although most of them have already died, their families who are left behind deserve to be compensated too. One of the best rewards that the Federal government has made is the VA loan.

If you are still new to this type of financial assistance, then this material will give you a brief understanding of how rewarding it is to the heroes of America.

VA loans do not really have much difference compared to other conventional loans. But they focus on the veterans who have offered all their lives to the country and their countrymen. Those people, whose goal is to acquire their own house, are the target of this loan. One of the major advantages of VA loans is, they do not need any down payment. This is because they are supported by the government.

You might be wondering, is this set up fair enough to the lenders? How can the lending business survive in this arrangement? Basically, this loan is guaranteed by the Federal Government. Thus, the government agencies will pay a certain amount in case the veteran fails to settle the loan. The amount will be 25% of the loan and the maximum of $104,250. But this rule is already changed through the Veterans Benefits Act of 2004. The highest possible loan that can be granted in VA loan is $417,000. Make use of this to acquire a house or do some home improvements projects.

The big question here is how can you qualify for this loan? Well, basically you have to be a war veteran that is covered by G.I. Bill or the Servicemenís Readjustment Act.

  • You must have been in the service for at least 90 days without being discharged due to misconduct.

  • You must have been in the military after September 7, 1980 and have been in service for 2 years without being discharged.

  • You must have served the office during the war for at least 181 days, without being discharged.

  • National reserves and guards who have been in service in August 2, 1990 and have successfully completed the job.

  • Selected reserves and National guards who served for 6 years.

If you are planning to apply for this loan, you need to have a Certificate of Eligibility as your proof. You can do this by filling out the VA Form 26-1880. And then submit to the VA offices.
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