Facts about VA loan

VA stands for veterans affairs. The VA loan is a mortgage loan guaranteed by the US department of VA . It is a govt. run military system for veterans' benefits. The main objective of this is to give long-term financing favors to the eligible US veterans. It was established in 1944 to help those veterans who return from war. It was conceptualized and planned to assist the veterans to purchase any home easily. It is in a gratitude for their service towards the nation.

The loan is as alike as with other mortgage loan. However, in this case, the borrowers need not to make the down payment or any closing costs. It comes with lower interest rates as well. Almost 90% of loan applicants do not need to provide a down payment and most of them close in less than 45 days or so. You can also take loans if you are building your own home. It actually does not supply the loan itself, instead it insures the loans given by lenders. To get a VA loan, you need to be eligible for it. The eligibility criteria includes duty veterans discharged from duty during the World War II; personnel with active duty of at least six months of active service; members of National Guard and Selected Reserve. If you are qualified for this loan, you need to first submit a Certificate of Eligibility. You may consult a mortgage broker or a VA loan specialist for a better know-how. There is practically no limit to which a borrower can ask for the loan amount. It is generally determined by the bank, which lends the loan. To know such companies, which provide VA loans, you can have a wide search on internet. You can then verify all the pros and cons of those companies and then go for it. You may also visit the local office of such mortgage companies located in almost all the states. Compare the benefits, terms, and conditions of all the lenders and settle with someone finally. So, enjoy being a veteran and live your life happily with your family.