VA mortgages have always offered a more secure mortgage product for military veterans. Less expensive than conventional mortgages, VA home loans have always offered better interest rates, less downpayment or no downpayment at all, and generally more money at the start of the loan to cover various closing costs and fees.
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VA Loans Have Always Provided Hope for Homeowners

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With foreclosure rates rising, the US government is taking aggressive steps to help keep homeowners in their homes, and to help homeowners with risky credit secure a lower-cost, government-backed mortgage instead of the high-rate adjustable mortgages they may currently have.

VA mortgages have always offered a more secure mortgage product for military veterans. Like the conventional mortgage, the VA loan is created by banks, savings and loans, and mortgage companies. But unlike their conventional counterparts, VA home loans are guaranteed or insured by the Veterans Benefits Administration. The VA Home Loan Guaranty protects the lender in case the borrower fails in their mortgage commitment.

PRESIDENT OBAMA'S HOPE FOR HOMEOWNERS

To aid homeowners with conventional mortgages, the Senate is aiming for the expansion of President Obama's $300 billion Hope for Homeowners program, which encourages lenders to write down a mortgage if the homeowner agrees to pay an insurance premium. Hope for Homeowners is intended to help homeowners "underwater" with their home-to-loan values, as well as homeowners paying high-interest mortgages, to switch to a 30-year fixed rate loan backed by the Federal Housing Administration.

VA MORTAGES BENEFIT HOMEOWNERS

Fortunately for you in the military, VA home loans have always been available for less cost and less risk... and they still are. Less expensive than conventional mortgages, VA home loans have always offered better interest rates, less downpayment or no downpayment at all, and generally more money at the start of the loan to cover various closing costs and fees.

Still, many Veterans are not aware that they can obtain 100% home financing and no monthly mortgage insurance with a VA mortgage loan.

VA MORTGAGES ARE STILL EASY TO GET

While conventional mortgages have become harder to obtain and require larger downpayments, the application and approval process for a VA home loan is still as easy as always. Once the lender receives the veteran's certificate of eligibility and a VA-assigned appraisal, a VA home loan can be approved via automatic processing and closed without waiting for credit approval by the VA.

VA MORTGAGE PRE-APPROVAL PRE-PAVES THE ROAD TO HOMEOWNERSHIP

If you're ready to trade in rent for homeownership, get pre-approved for your VA mortgage as soon as possible. Once you know the amount you're eligible for, start your home search. With lots of homes for sale right now, it is currently what is called a buyer's market. Your VA mortgage pre-approval makes you an even better potential buyer, showing the seller you're serious about your home purchase. With a VA mortgage pre-approval in hand, you know in advance what you can afford and look within your price range.

WHAT ELSE CAN YOU DO WITH A VA HOME LOAN?

In addition to buying a home, your VA home loan can be used to purchase upgrade a home at the same time, or even repair your current home with home improvements and replacements from new windows to new roofing, appliances, and much more. Use your VA mortgage loan to increase the energy efficiency of a home.

The VA even offers help for those looking to refinance. At little to no cost, streamline refinancing can help VA homeowners lower their monthly mortgage payments. Veterans should take full advantage of VA loan benefits and ask about interest rate reduction plans.

VA foreclosed properties are available too. They are offered in the same manner as HUD repos. Check with your VA Center or mortgage lender if you need more information regarding purchasing terms and conditions.

KEEPING HOPE ALIVE

Not everyone has the good fortune to have access to a 100% financing VA Home loan. Whether Hope for Homeowners will be enough to keep people in their homes is still questionable. The senate wants to expand eligibility for the Hope for Homeowners program, including homeowners who intentionally defaulted on a mortgage or other substantial debt within the last five years.

If you're ready for homeownership, look to your VA home loan benefits to create a secure, comfortable homeownership experience.



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