Qualifying For Va Loans Is Much Easier Than Qualifying For Traditional Loans

By Author: John Cory
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Veteran's (VA) loans are intended to give veterans who desire home ownership a leg up in the lending landscape. In fact, the VA loan advantage is simple: relaxed eligibility guidelines and increased ability to borrow up to 103.15 percent of the value of a home on purchase transactions. Additionally, service members honoring activity duty commitments might have their interest rates frozen during extended absences. This makes veteran loans some of the most competitive home-financing instruments on the lending landscape.

VA Loan Eligibility: Is It Complicated?

Funding of VA loans is open to a select few, including veterans (active or retired), or surviving spouses of deceased service members, who obtain a valid Certificate of Eligibility (COE) based on years of service and/or manner of discharge. The process of obtaining a COE is often built into the loan application and handled by VA-approved mortgage lenders. Service members can also manually obtain a COE by directly applying to the Veteran's Administration Department. In any case, a valid COE is the minimum requirement to be eligible to apply for a mortgage ...
... backed by the Veteran's administration.

Many first-time homebuyers worry about having enough cash for a down payment and having a blemish-free credit profile for an extended period. For this reason, veterans enjoy relief from many of the strict prequalification standards of conventional loans. While the COE is a minimum requirement, veterans enjoy credit eligibility with fico scores as low as a 600, little or no down payment requirement and no pre-payment penalties, and substantially lower payments and interest rates.

All of these things make the veteran loan a very attractive home-purchasing tool. When used timely, a veteran's home loan is a valuable asset! Simply put, veteran loans allow service members the opportunity to realize the dream of homeownership. And an affordable mortgage loan is a great way to reward service members for their sacrifice, wouldn't you agree?

Since 1944, millions of service members and loved ones have become homeowners as a result of the Servicemen's Readjustment Act (GI Bill). Surprisingly, however, only 10 percent of those who are eligible use these loans. Consequently, if you are a veteran and believe you are eligible for VA financing, or would like more information on VA loans, contact a VA-approved mortgage lender today. Someday soon, you'll hear the words: welcome home soldier; and hopefully, this will be in reference to a house of your own.
VA Home Loan program makes it easier for veterans to qualify for home financing with less stringent income and credit qualifications; just check out va loans or va hybrid. Visit Ching D. Dubin page about good loans and mortgage opportunities online.