www.quickenloans.com

www.quickenloans.comHave you spent time in the past serving our country? We owe you mountains of gratitude for your brave service. Now that you are out of the service, there are some things that we are trying to do even to repay you in little ways for all the great things you have sacrificed for us. If you are having trouble making ends meet with the money that you are receiving, then perhaps you could benefit from taking out a veteran loan.
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These loans are available to those individuals who have served our country during times of war as well as during times of peace. There are many specifications as to who can qualify for these types of loans. All of the information that you could want will be at the US Department of Veterans Affairs website. There are factors such as if you were honorably discharged and how many days you were actually in the service. Take a minute to look up the requirements and ask yourself if you meet those criteria. If you do, you can take the next step of applying for a veteran loan.
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This is one way that you can get lower interest rates and therefore lower your monthly payments in order to have a better financial outlook for the future. You can apply for one of these veteran loans right on the computer if you have access to the internet. It will only take about 24 hours until we get back to you with more information about your application. It is so simple and you shouldn't wait another minute before deciding if a veteran loan is a good choice for you.

www.patelco.org

www.patelco.orgIf you are a veteran, did you already know that you are able to get veteran loans with the some of the lowest rates around? There are so many people who qualify for these types of loans, but they may not realize it. These loans are available to veterans who served in World War II, the Korean and Vietnam Wars as well as those who were in service during the times of peace between these wars. For more information about what can qualify you for a loan, you can read more about that on the veteran's affairs website.
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There are also differences between getting a veteran loan and just going to the nearest bank for a loan. For veteran loans, there is no need to worry if you don't have the best credit score because there are no FICO score requirements on the application. You can even get a loan if you are self-employed for your work, but you will just need to provide a few years of tax returns.
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Another benefit for having a veteran loan is that you are going to get a very low interest rate. All loan lenders are competitive for your business and they want to do whatever they can to keep you with their company. Make sure that if you are looking to borrow from an institution that you make yourself aware of the benefits given to veterans and compare them against each other. Get a loan that will make your finances a little easier to manage and keep you free from stress.

www.phhonline.com

www.phhonline.comThere are definitely more advantages of a VA loan over a non-VA loan. Like for example, you do not have to pay the down payments unlike the non-VA loan or you do not even have to insure your mortgage unlike the other mortgage loans. Also VA loans have much lower rates of interest as compared to the non-VA loans. All this obviously sum up to a huge amount of savings in a year. Definitely this mortgage loan is very lucrative. But there are certain criteria that you have to fulfill before you qualify for a VA loan. Let us see what they are.
Before you see whether you qualify for VA loan or not you have see whether you are even eligible for it. For this you have to obtain a Certificate of Eligibility from the VA department of United States. To obtain this certificate you have to fill up a form called the VA Form 26-1880, Request for a Certificate of Eligibility for Home Loan Benefits. This form is available online at the VA Home Loan government website. After filling the form you must submit it along with your other military documents at a VA Eligibility Center. Other than that there are many lenders who have access to the Certificate of Eligibility through internet and they can easily process your request online and check if you are eligible for it or not.
www.phhonline.com
There are few guidelines for the eligibility. First you should have served for a minimum period of 90 days during wartime or a minimum of 180 days during peacetime. You are discharged from the services under no dishonorable circumstances, you are currently in job. Or you are surviving spouse of a veteran who died during service or due to injuries during the service period and you are not remarried. Even if you meet all these criteria it does not necessarily mean that you qualify for a VA loan.
Like every mortgage lender the VA loan lenders will also scrutinize your credit history although they have more relaxed criteria as compared to the normal lenders. So even if you have not so good credit score but have all your bill payments up to date over a period of the last one year you can qualify for this loan. Basically they look for timely repayment options by you. Moreover even if you have declared bankruptcy in the past it does not disqualify you from its approval.
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They will analyze the circumstances under which you had to declare it like sudden business failure or is it due to carelessness in money management. Bottom line is they will see your credit history before you declared bankruptcy to make out whether it was under genuine circumstances or not and they approve it under genuine circumstances. And also the period when you are applying for this loan that is minimum of two years after declaring bankruptcy.
They will see that you had a stable employment history for at least the last two years and currently employed with a steady job. Also they will check whether you can easily afford to repay the debts in time and to its completion or not. And last but not the least you have a genuine need for it like for purchasing house, townhouse or any other mentioned reasons in the criteria.

www.phhmortgage.com

www.phhmortgage.comDown payment is one of the few things people have to worry about in purchasing a home. Most lenders require 20% of the purchase price to be paid as a down payment on the closing day. If it does not reach the required amount, borrowers would have to obtain private mortgage insurance (PMI). This can be a problem because (1) down payments are paid upfront and they cost thousands of dollars and (2) mortgage insurance is an added expense causing purchase cost to be expensive.
However, there is one type of the loan that eliminates these problems. This kind of loan is granted to special people, whom we consider the heroes of the country. Are you interested to learn more about it? Find out on the next sections.
VA Loans
VA loans are what's referred to above. This was made possible because of the GI Bill signed by President Franklin D. Roosevelt in 1944. It was implemented to help war veterans purchase their homes while assuring them of great loan deals and interests that are favorable.
The loan amount is up to 417,000 dollars or it would be based on the calculated property reasonable value. Interest rates may be fixed or adjustable.
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Moreover, borrowers have to pay a funding fee. This is a one-time payment made by the borrower to lower tax by contributing to his or her own benefit. It may be 2%+ for first time buyers and above 3%+ for the second timers. Some qualified applicants are subjected to exemptions like veterans disabled while on duty or spouses of deceased veterans.
People Qualified for VA Loans
People who can avail of this loan are the war veterans. As mentioned above, it was made specifically for them. The following are the veterans qualified to get the loan:
1. Veterans who have served in the World War II, Korean Conflict and Vietnam War. They should have been on active duty for at least 90 days and were discharged honorably.
2. Veterans who fought for the Persian Gulf War who stayed in active service for full 2 years.
3. Veterans who served during peace times with at least 181 days of active service.
4. Selected Reserves and National Guards who have stayed in service for 6 full years.
5. Spouses of deceased veterans or active personnel of the Armed Forces, who has not remarried or whose husbands were reported missing or became prisoners of war.
For lenders to consider the veteran's loan application, a Certificate of Eligibility will be required. One should request for this form before going through the process of applying. This should be granted by submitting a duly accomplished VA Form 26-1880 to VA accredited centers.
Application Process
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Getting the loan should be easy if you have all the necessary papers on hand. To help you with the process, here is a quick guide:
1. Start shopping for homes. Once you have found the property, sign the purchase agreement.
2. Then go to accredited lenders. They may be private financial institutions like banks and mortgage companies.
3. Present the necessary documents required especially your DD214 or the discharge papers and the Certificate of Eligibility.
4. An appraiser will be contacted to determine the reasonable property value. This is requested using the VA Form 26-1805.
5. Upon completion of all requirements and ascertaining the reasonable value, the loan will be granted.
Before any veteran can avail of the loan, he or she must be capable of paying the mortgage. They would also have to undergo the normal process of mortgage application, which includes credit investigation.

www.peakhomeloan.com

www.peakhomeloan.comIn the financial world there are people that make money and people that do not. Those that understand interest and how it turns a small amount of money into a large amount of money know that in order to have money work them they have to be the ones in control of the interest coming to them, while the uneducated spend their money on interest and have less of it to go around.
It is a sad truth is that banks and lending institutions penalize people that have had difficulty managing their money in the past with higher interest rates. Based upon their ability to responsibly repay any money that they may have borrowed the banks use a credit scoring system to determine the amount of interest that they will charge a person and also limit the amount of money that is available to be borrowed by the person.
www.peakhomeloan.com
By keeping to a budget and paying everything in a timely manner including utilities and credit card bills a person can increase their credit standing and qualify for bigger loans. This is important when it comes to buying a house as lenders will look very closely at credit scores and incomes to determine whether or not they will approve a mortgage for an eager homebuyer.
While all lenders have strict guidelines that aid them in their lending practices there are some lenders that can offer lower interest rates and reduced fees for acquiring a loan through government subsidized VA home loan programs that are designated for use by military personnel that are either active or have retired honorably from active service.

www.atlantichomeloans.com

www.atlantichomeloans.com
During these times of financial turmoil, most everybody, even military members, have had cash flow problems. For some, having a hybrid VA loan is a good choice to address the problem. It is not unusual for veterans or service members to get mailed cards or fliers touting the advantages or a VA hybrid loan. These so called streamline loans offer rates of around 3% a.p.r., or even lower. These rates can be locked in for 3-5 years.
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The hybrid VA loan causes some butterflies in the stomachs of veterans or military members. That is probably because of the adjustable rate aspect of it. After the 3-5 years are up, the interest could start to vary according to the whims of the financial markets. So, a natural fear of the future presents itself.
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Thinking about the future is never a bad idea, but fear of the future should not preclude looking to address needs of the present. Saving money now may be a better step than worrying about what happen down the line. Ergo: this basically comes down to a risk versus reward question that each service member or veteran has to ask themselves. If a veteran or military member finds him- or herself in a financial bind at the present and needs to set aside as much money as possible for whatever immediate need, a VA hybrid loan may be a good option. If the veteran or military member knows that a move is imminent within the next 3-5 years, a it could be a good thing.
VA Hybrid Loan Combines Advantages
Knowing the intricacies of the VA hybrid loan is essential before seriously considering whether it is right for the service member or veteran. Of course, the term HYBRID means that the loan is a combination. The VA took the best that a fixed rate mortgage has to offer and combined those with the better aspects of adjustable rate mortgages. In spite of the cautionary talk regarding adjustable rate mortgages, they do offer some benefits.
VA Hybrid Loans Actually Minimize Risks
The VA has endeavored to offer as many advantages as possible on VA hybrid loans while limiting the risks. Here are two cases in point: Interest Rate Fixed. The interest rate on it is fixed and guaranteed for the first 3-5 years. After that period, the rate can be adjusted only once every 12 months. Do not forget, after that period, rates could even drop. The Index. The index or the component that makes a loan adjustable, is a very stable index that moves slowly (1 yr CMT).
Regular VA Loans and Hybrid VA Loans
If a veteran or service member is carrying a regular VA loan, it is easy to switch to a streamline or hybrid loan. Many veterans and service members study their financial situation and often see that they do need to address a present cash-flow problem. The hybrid VA loan can provide that relief; even though they intend to keep their home far into the future. After 3-5 years have elapsed, the veteran or service member can always switch back to a standard VA loan if they feel spooked by the adjustable rate aspect of a VA hybrid loan.
No Right or Wrong Answers Regarding VA Hybrid Loans
Each veteran or service member will have to analyze their own financial situation to see if a VA hybrid loan would work for them. It could do well in one situation, be a train wreck in another. If a veteran or service member is considering a refinance of their mortgage, a good conversation with a loan officer could help him or her decide whether or not a hybrid VA loan is right for them.

www.acopiahomeloans.com

www.acopiahomeloans.com
You may be wondering what a VA cash-out loan could be and how it would benefit you. It allows veterans the wherewithal to refinance the current home loan to a much friendlier interest rate and allows the combination of other debt with the new loan. The other debt could be a second mortgage or a home equity credit line. But, it could also cover any high-interest debt, such as credit cards, as well as a car loan.
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Veterans Administration Qualifications All VA loans have guidelines that must be met before a new loan garners their guarantee. These rules are rather minimal. The VA will allow for a 100% loan to value cash-out loan. In a hypothetical situation: If a home is appraised at $200,000, the VA allows the new loan for the full amount - perhaps $175,000 is paid up on an initial mortgage, perhaps you have $25,000 on a second, and you are seeking to roll them together. This is the only 100% cash-back loans on the market and it can be huge windfall for veterans. Mortgage Insurance A VA loan does not require mortgage insurance.
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 A conventional loan with a cash-out would require mortgage insurance if you should go above 80% LTV. And, approval for that insurance has gotten harder to get a hold of recently. Now, FHA home loans allow 85% cash-out on a 97.75 rate over term. So, if you desired to pay off a 2nd mortgage, you would have over a year to qualify, but no other debt such as credit card bills would be allowed, and you would still be obligated to pay home loan insurance. Finding the Lender Though it may be iffy, it is not impossible to find a lender. The VA will grant 100% cash-out with a willing lender. Of course, the VA has plenty of rules and guides set up for minimums, but lender that actually puts up the cash for the loan could add lender overlays or securities on their side of the deal. You see, most lenders will only go for 90% LTV on cash-out loans. They could also ask to see a higher credit scoring than the VA would impose. 90%-100% Frustrations Some veterans become a little vexed when they read or hear about 100% cash-out loans only to discover from a loan specialist the 90% is the top allowed. It can be a deal breaker, with the way the housing market has been pounded by fluctuating home appraisals, if the lender will not accept 100%. Shopping around and making sure you have a loan officer that can hook you up with a lender that will do the 100% cash-out loan is very important. Go Shopping for Your VA 100% Cash-Out Loan It would behoove a veteran to shop around and gain the arm and ear of a qualified loan specialist that has a line to a lender willing to do 100% cash-out mortgage. Some still offer the deal, but they can be hard to find. Do your home work and make sure your loan officer understands your needs and how to get you the loan you want.

www.apexhomeloans.com

If you are a veteran considering buying a home, you may be interested in gaining pre-approval for a VA loan. This is an excellent option available to you, but you may be wondering how to go about the application process. There are five simple steps to gaining pre-approval that are similar to all mortgage loans.
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There is no need to complete every box on the application, however. The Loan Officer can help fill in the blanks for any answer you are not sure about if that is needed.
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This is equivalent to the Certificate of Eligibility for a VA mortgage loan, so if you already have this document there is no need to complete this form. If you do not have the Certificate of Eligibility, however, obtaining and completing one is simple and available on both homeloans.va.gov or military.com. A simple search for the "Form 26-1880" should do the trick.
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You will need to submit documents that prove your personal yearly level of income as a means for the lending agency to assess your ability to pay your loan. Such forms include recent W2 forms or current pay stubs/LES. Also, since this is a VA loan, your Disability or Retirement statement from the VA will be necessary.
4. Allow for Credit Review
After obtaining your permission, the Loan Officer will need to run a credit report in order to review your financial history. For the purposes of a VA loan, an average credit score of 620+ will be acceptable. However, like obtaining ANY mortgage loans, bad spots on your credit such as liens, bankruptcies, repossessions, or foreclosures will impede your ability to get a loan. A low overall credit score (below the aforementioned 620) will also not allow you to obtain pre-approval.
If, by chance, you cannot get the pre-approval for your VA mortgage now, the Loan Officer that you are working with should be able to explain why and help you formulate a plan to be able to improve your credit and obtain a loan in the future.
5. Wait for an Analysis of the Total Amount
Once you are assured pre-approval by the factors outlined above the final step is to see how much the loan amount will be. Once that is determined you will receive a pre-approval letter from your Loan Officer as well as additional disclosures. You will be required to sign the latter documents, however, they are not binding. This means you will not be locked into any amount or payback routine. The signing of binding documents will only occur at the closing.
All told, the process for pre-approval should take only 1-2 hours and there are ways to complete it via telephone, email and fax. Also, be aware that there should never be a cost associated with the pre-approval process. Lenders are legally allowed to charge for some services covered in this process, but majority of Loan Officers will not, so make sure yours is one of those.
Once you obtain your pre-approval, it will be valid for 90-120 days. By taking the time to obtain the pre-approval letter, you let sellers know you are serious in your intent to buy a new home and they are more willing to deal with you.

www.abacusmortgageloans.com

Though many people only associate VA loans as a great means for veterans to purchase existing homes or refinance those that they already own, they can actually be used for new builds as well.
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The opportunity to build yourself a new home can be an amazing, once-in-a-lifetime chance, so it is important to understand the process needed to borrow money to do so through the VA Home Loan Guaranty Program. The way that this system works for new builds is slightly different than it is for existing homes and refinancing. Just as with the latter, you will need to prove entitlement (veteran status) as well as have a qualifying current income and credit score and certain VA funding fees will be applied. The difference comes in the way that the loan is distributed and the payments that you will need to make, these distinctions are important for you to understand before undertaking the VA home loan for new builds process.
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If your goal is to use a VA home loan to build a new house, then one important factor that you need to look for is that the builder that you choose has a current valid VA builder ID number. Basically, this ID number will prove that the contractor has registered with the U.S. Department of Veteran's Affairs.
The mortgage process for VA loans on new homes begins only after the contractor is selected. However, the loan needs to be approved before that contractor is able to break ground. At that time the borrower will be provided with written permission from the bank that will pay the builder the amount designated by the VA for the construction of the home. Any money that remains after that point will be transferred to an escrow account.
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The typical payback plan for VA home mortgages that are applied to existing homes as well as refinancing is to require a payment from the veteran home owner within 30 following the loan closing. New construction loans are different, however, because the requirements for payback do not begin until the home is ready to be occupied. The general rule is that veteran borrowers can delay their first payment for up to 12 months post-closing in order to allow the builders to complete construction on the new home.
Just because the borrower is allowed to delay the payments on the home until it is complete, it is important to note that the contractor is required to make interest payments each month throughout the construction of the home and that interest begins to accumulate immediately. Also, the year spent building the home is deducted from the loan's term. Meaning that the borrower will only have 29 years to pay back a 30-year mortgage if the construction takes a full 12 months.
Fees
During the construction phase there will be many fees that accrue and they will be the responsibility of the builder. Due to the specific guidelines set forth by VA loans, the borrower is not required to pay these fees. VA-approved builders are also required to carry hazard insurance and they must pay for all title-update fees.
Finally the funding fee that is charges for all VA home loans will still apply if you are borrowing money for a new construction. This fee must be paid within 15 days following the loan's closing, though most borrowers choose to pay that fee at the time of the closing. However, if you are a disabled veteran or the surviving spouse of a veteran you may not be required to pay that fee, so it is a good idea to check.

www.alcovamortgage.com

www.alcovamortgage.com
If you happen to be a person who is on active duty right now or are considered a qualified veteran you could have a valuable resource available to you in order for you to get a loan for a home. VA loans are for those who qualify to get a home loan from the Department of Veterans Affairs. They are a department of the government that actually will keep your interests at heart when they are processing your loan. So it's a good idea to research your VA loan possibility before you go looking for other lenders.
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You can do a self screening to see if you are a qualified veteran or if you are on active duty. However, if you are a veteran you need to have received an honorable discharge or you may not be considered eligible. So you should take whatever military identification that you have, down to your local Veteran's Administration office to see if you are truly eligible before you get your hopes up.
You will need some sort of proof that you serviced in the military. This would be your DD214, Military ID Card, Military Record and any awards you might have for proof that you served in the U.S. Military. Even though your local VA may already have any of these items you still should make sure that you have your own copies.
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You can also, if you wish, go to the website for the U.S. Department of Veterans Affairs if you would rather try to apply online. You will click on the "Veteran Services" option on the website where you will then click on "Home Loans". Then you can click on the "Certificate of Eligibility Veteran Registration Instructions" this way you can register for the site. You will need to do this in order to be able to apply for a loan online.
After you have done this you then go back and login. Go back to the "Veteran Services" and click on that, go to "Home Loans" and click on that. Once back to the options page for home loans you can then click on the "VA Loan Electronic Reporting Interface." Once you are there you will need to follow all of the directions they require for you to apply for the loan.
You will then need to go to your VA Office when the site directs you to. This is so that you can complete the entire loan processing. You will give the rep all of the paperwork that they are going to need like proof that your served, your real estate agent's contact information (understand that you already need to have a house in mind so that if they need to ask questions your real estate agent can answer them for you) and any other information that they might require. It's probably a very good idea for you to call them ahead of time to see exactly what they need from you to continue processing the loan.
After that, you will just need to wait for your loan to be processed and while you are waiting make sure to continue to update your agent about how far along the process is. They need to know that it's still in process so that they don't think that you've decided to not go through with it.