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          VA Loans

          Chuck Marunde by Chuck Marunde
          August 13, 2009
          Reading Time: 2 mins read
          0 0
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          The Veterans Administration provides an array of opportunities for America’s veterans and their families to achieve their dreams of home ownership.

          The VA does not issue home loans. Instead, it guarantees them, which provides lenders with a significant degree of protection. In turn, prospective home buyers can obtain competitive rates and loan terms, among a host of other benefits.

          The VA offers several types of loans, from home construction and home loans to energy improvement. Veterans considering a VA loan must first obtain a Certificate of Eligibility (COE), a document that certifies they meet the loan program’s basic requirements.

          Any military member who has served 181 days on active duty during peace time or 90 days during war time may be eligible, along with those who have served at least six years in the Reserves or National Guard. Spouses of service members killed in the line of duty may also be eligible.

          Not everyone who is eligible will ultimately qualify for a loan. The VA will ultimately look at a veteran’s credit and financial history, along with several other key indicators. But veterans with poor or even no credit history can obtain a VA home loan. So can those with bankruptcy or foreclosure in their past.

          VA loans offer qualified veterans a host of low-cost and even no-cost benefits. Borrowers do not have to provide a down payment on their home or make monthly payments for private mortgage insurance. Interest rates are generally lower on VA loans than on conventional loans.

          For active-duty members, the interest rate cannot exceed 6 percent. Many can ultimately switch to interest-only payments, guaranteeing that lenders cannot foreclose on the mortgage. These benefits end three months after the completion of active military service.

          Loan values can be up to 100 percent of a home’s value. But the VA has strict VA loan limits throughout the country. The agency recently increased the loan limit in high-cost parts of the country to $729,000.

          [We thank VA Loan Expert Jay Buerck for this contribution.   Jay can be reached at jbuerck@vamcenter.com]

          Last Updated on August 13, 2009 by Chuck Marunde

          Tags: VA Loansva qualifications
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          Comments 2

          1. Cary NC Real Estate says:
            13 years ago

            I really appreciate this quick and simple explanation about VA loans. I am going to bookmark it so I can refer my clients to it. Thanks!

            Reply
          2. Kevin Kline says:
            11 years ago

            I’ve been looking at areas like Sequim to buy a second home, and got to say I love your Sequim real estate blog. Very helpful articles and quite on point. Thank you for the solid information. I don’t take all this for granted.

            Reply

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