There are various qualifications to be considered eligible for this benefit by the VA. Wartime veterans who served at least 90 days and were not disgracefully discharged qualify. Peacetime service veterans need to have served at least 181 days if they served prior to Sept 7, 1980 or at least two years after that date and were creditably discharged. Those serving in the Reserves and National Guard for at least six years and are still serving or have been commendably discharged may also be eligible. Also surviving spouses of eligible persons who died as the result of service or service-related injuries who have not remarried may also be eligible.
Typically, veterans can get 100% financing with no down payment required. VA Loans are guaranteed so there is no Private Mortgage Insurance (PMI) required which can be a savings of over $50 per month. Also, there are no penalties if you prepay the loan payment and competitive interest rates are available. Finally, VA Home Loans qualification may be slightly easier than if you were applying for a conventional mortgage loan. Sellers may be required to pay all closing costs. Nearly every lender offering FHA loans also makes VA Loan.
This is a guest post written by Bryan Williams. Bryan is an expert business consultant, and specializes in web based business. He has spent years working with outsourcing and financial companies and in financial services he can give his expert opinion about mortgage loans, FHA and VA mortgage and other mortgage loans.
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