The VA home buying program was created by President Franklin D. Roosevelt in the mid 1940s. The main function would be to eliminate the requirement for armed forces veterans to have a down payment to purchase a home. Real estate agents are well-informed on the guidelines to make an application for and be eligible for these types of mortgages. Now referred to as the GI Bill, these loans may be financed at a fixed rate for 15, 20, 25, or 30 year time periods.
VA loans are readily available for all people who?ve served the required amount of years in any branch of the US military. The Department of Veterans Affairs makes a guarantee for each VA home buying loan. The realtor will help in the search for a single family house of a veteran?s choice. This can include a townhouse or condo inside a VA accepted project, and single family properties. An experienced realtor can identify these authorized properties.
VA home buying loans may also be employed to construct and improve or remodel a property. They do not contain a prepayment penalty which means they are able to be paid off in advance of the contracted agreed upon time length. They are also assumable, which means that a VA qualified buyer can take over the payments on a previously existing mortgage of this type.
Real estate agents are well-informed about the particulars of these along with other kinds of mortgage financing. The other type plans include FHA, traditional, and jumbo loans. Traditional loans are classed as fixed rate for 15, 20, 25, and 30 year terms. The rates of interest on these home loans remain consistent for the complete term or life of the loan period for which it?s contracted on the date of closing. Real estate agents will help the buyer through the whole purchasing process.
Standard home loans also exist in adjustable rate formats which means the interest rate can change at various points in the life of the financing period. These changes are based on weekly average yields on US treasuries. These adjustments will be clearly outlined by the realtor and home loan adviser. Jumbo fixed rate home financing programs are available for mortgages which are higher than $333,700. There?s a higher risk to the lender with one of these larger mortgages so they can carry greater rates of interest. These particular rates are fixed for the contracted time period.
The federal government backed mortgage loans readily available to civilians are FHA which are offered as balloon, construction, bridge and equity, self-employed income, large property, specialty products for reduced down payments, credit solution lending options for credit problems, and down payment alternatives, among others. Well-informed realtors can guide a purchaser through any kind of financing process with their expertise or that of other industry specialists. A purchaser can depend on receiving advice throughout all phases of their property buying process.
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Source: http://get-rid-of-debt.net/money/finance/the-benefits-of-the-va-home-buying-program-for-veterans/
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