Being one of the most populous as well as prosperous states of the United States of America, California stands for opportunities. Known for its finance, technology as well as real estate industries, California enjoys steady popularity for its glamorous lifestyle developments. The department of Veteran Affairs of the USA had received orders from the President and the Congress to establish a GI bill to coordinate moves and establish benefits for serving people of the country. A number of schemes has been initiated in that interest, among which the Home Loan Guaranty Program is the most talked about. The program has helped several veterans and military men residing or returning to the state, to have a secure home of their own where they can stay with their families. Now, the question arises that every year the country produces thousands of military men. Are they all qualified for the Veteran Affairs home loan scheme? Not exactly. The loan scheme is an honor that is bestowed upon all those veterans and serving armed force officers who have given their selfless service for the country for years. Not all army men fit within the category and therefore there are certain eligibility qualifications set to ensure that only the rightful people get to enjoy the benefits. Men who have served 180 days of peacetime and 90 days of war time in the US army are eligible for the loan. They must also show proof of honorable discharge from duty. However, people who have served less than the stated period due to service-related disability, would also qualify. According to the Director of Product Development at the Mortgage Investors Group, the VA loan program has been exceptionally successful among veterans. It also promises to benefit veterans who live overseas. The idea behind the scheme was to give serving army people the assurance that while they are away, their families are leading a secure life inside their own home in cities like California. However, it should be noted that these loans suffice only primary needs and one should be staying in his home once he acquires it. That means, one cannot simply go and buy a beach house with the loan, where he would only stay during weekends. Those who already own a primary residence on a loan, can avail refinance benefits of VA to reduce the interest rates of the previous mortgages and thus tensions of a new appraisal would not affect them. Those who are into real estate and VA home loan California would always say that besides VA loans there are certain conventional loan types as well, which are also good for home ownership purposes. The Veteran Affairs loan rides past all of them because of the 100% financing guarantee along with no down payment requirements that it offers. The loan amount that VA promises goes up to as much as $1.5 million. Nevertheless, one needs paying some amount of down payment if she wishes to get a loan up till that amount. It should also be mentioned in this context that for getting a VA loan sanctioned in a state like California, one needs to show that he/she has got enough money in the bank or has a steady source of income to repay monthly amounts in time. Moreover, the program also needs the borrower to pay up to 4% of the closing costs. A very unique feature of the loan is that one gets no amount of money added to the mortgage insurance payment, if less than 20% down payment on the home is made by the borrower. So, if you are looking for a loan program that would care the least about what credit score you are holding and would also offer you reduced rates of interest on loan, VA loan is the one you are looking for. Get hold of a Veteran Affairs loan specialist or adviser and find your dream home at the earliest.
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