What Benefits Do You Have As A Veteran?

Homeownership and buying one’s first home can be an extremely exciting and, ironically, terrifying situation for many people. This mixture of fear and enthusiasm are produced by the great risks of buying a home and the exhilaration at the prospect of becoming a new and first time homeowner.

In 1944, the Servicemen’s Readjustment Act (informally known as the G.I. Bill) was passed by Congress, which provided eligible veterans with a wide array of benefits. Many of the perks included in the Act was the ability for veterans to apply for low-cost housing and business loans, and educational stipends, thereby encouraging them to return home and return to work or school, and get back into civilian life as seamlessly as possible.

In the 1970s the Veterans Housing Act (1970) and the Veterans Housing Benefits Improvement Act (1979) removed termination dates for applying for loans and bumped the benefits that veterans were eligible. All of these benefits were restricted to veterans who had served on active duty during specified dates. Then the Veterans Home Loan Program Amendments of 1992 came along and expanded the program to include military reserve personnel and those serving on the National Guard.

Post-Traumatic Stress Disorder can occur after any life-threatening event such as a natural disaster, a personal attack, or military combat.

Some of the various types of residential properties that people can purchase include a traditional smaller home that is perfect for a smaller family, a condo, an apartment for sale not rent, a town house, or a home with a larger rural property around it. The variables to the type of home and property ownership are as unique as the homes themselves, and before one can truly begin looking for their first home, they should consider what type of home they wish it to be.

They may also be the surviving spouse of an individual who was MIA or a POW for at least 90 days. And finally, they may be the widow of deceased military personnel who was rated continuously and totally disabled for a specified amount of time who was also eligible for disability pay at the time they passed away.

While some may be willing to make sacrifices on the layout of the home for the benefit of reduced costs, it is vastly important to remember that this will be one’s new home, so paying a little extra to have it the way one wants it will usually be well worth it. Then comes the issue of costs.

Regardless of the situation, qualified individuals seeking to purchase a home should seriously consider what the VA loan has to offer. These loans provide some of the most flexible and lenient rules and requirements, allowing individuals with low incomes to easily afford a comfortable space for their families.

Since the program was established in 1944 with the original G.I. Bill, the Department of Veterans Affairs stated that as of October 2012, it has guaranteed 20 million home loans. Number 20 million was provided to the surviving spouse of an Iraq War veteran. For more information on VA loans and other home loan options, contact Government Loan Pro today.

Government Loan Pro is a VA and FHA mortgage broker and we can provide a wide variety of VA Purchase options for you and your family. We make it easy to find refinancing options for your VA home loans, great rates on purchasing loans, and we’ll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.

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What Benefits Do You Have As A Veteran?



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How To Analyze Important Documents

After the collapse of the housing bubble, home buyers have been finding it more difficult to take out mortgages and ensure that they will be able to pay them. For this reason, loans approved by the Federal Housing Administration (FHA loans) have been seeing increased popularity due to a number of advantages they offer over conventional loans. Listed below are some of the main characteristics of FHA loans and why they might be the best loan for you.

One such home loan type that can cause confusion for many people is the FHA loan form of home mortgage. Because the FHA loans are not overly common on the housing marketplace, and because not all lenders are approved to carry the option of a FHA loan, there are many people who may not know about FHA home loans and their specific advantages.

First, before looking at the advantages of a FHA home loan, a person must understand and know what exactly a FHA home loan is. A FHA home loan is a mortgage home loan that is offered by independently approved lenders of FHA home loans which loans are insured by the Federal Housing Administration.

Too many people look over documents with a positive outlook. This is a time to look at things from several different angles and see what happens.

FHA loans have a low down payment Loans approved by the FHA only require a down payment of 3.5 percent of the home’s purchase price.

The successful design of the FHA home loan program enabled home loans to become more affordable and more accessible to home buyers by lessening the risk to lenders through federal insurance.

FHA loans have lower closing costs Closing costs can include appraisals, credit reports, and title expenses, and can be an expensive part of a conventional loan. They also allow builders and lenders to pay some of the borrowers closing costs, reducing overall price.

One of the great advantages of a FHA home loan is that, again thanks to being financially backed up by the federal government, lenders are now able to offer FHA home loans with a lower down payment that regular home loans are able to provide.

For comparison, a regular home loan down payment is typically around twenty percent of the total loan, which can be in the tens of thousands of dollars and therefore out of reach of would-be home buyers, while the down payment of a FHA home loan is a minimal three and a half percent, which down payment totals in the more easily affordable thousands of dollars range.

Understanding documents can save you a lot of pain in the future whether you are applying for a va loan, or just doing va refinancing, you will be grateful that you were able to understand the details in the document and know what you were getting yourself into in the end.

While your financial needs and circumstances may not drive you towards an FHA loan, there are a number of benefits these loans offer that others do not. Make sure to consider the advantages an FHA loan provides you with before making a decision.

Government Loan Pro is a VA and FHA mortgage broker and we can provide a wide variety of FHA Loan options for you and your family. We make it easy to find refinancing options for your VA home mortgage loans, great rates on purchasing loans, and we’ll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.

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How To Analyze Important Documents



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What You Don’t Know About VA Loans

There are many returning veterans who are curious about how to apply for the benefits that are available to them due to their service in the military. Thanks to their honorable time served in the nation’s armed services, these veterans are able to apply for and receive a host of benefits.

First of all, who can even qualify for a VA loan? That answer isn’t hard to find: veterans, active-duty personnel, reservists, members of the National Guard and some surviving spouses are eligible for a VA loan. In contrast, many more people are eligible for FHA loans, as they require a low down payment. VA loans are usually the better option for a lot of military families because they cater specifically to that group; rates are great compared to other loans, because fewer people qualify.

A VA loan cannot:Guarantee a perfect building. There are a lot of homes out there that need more than a little love and a lot of paint. Older homes tend to be quite cheap, but they require a lot of care and maintenance to be comfortable for most people. A VA loan can’t protect you from buying a house that has defects or damage.

Inspect the building. However, the VA does conduct an appraisal of the property. An appraisal will give you a value for the home, but doesn’t get into the knitty-gritty of whether a structure is up to code or not. We recommend that you get an inspector that you trust to do a full inspection so that you can rest assured that you know everything you can about the home before you buy. This protects you, and protects your investment.

If you’re not interested in a VA loan though, one of the best alternatives is a FHA loan. Practically every lender offers some version of FHA loans, whether they are a standard home loan or a FHA streamline loan to help them refinance.

The first and biggest hurdle in receiving a VA home loan for many veterans is to prove that they are qualified to receive assistance from the VA home loan program under the stipulations and qualifications that have been set. The VA home loan is available to those veterans or active duty members of the armed services, including the National Guard and Reserves, who meet specific standers of service time and/or time spent in combat zones.

Armed with these cautions, you should be able to take care of yourself when looking for a new home and getting a loan. Just remember that it’s always best to be very careful and to cover yourself by having as much of the very best advice you can get. A VA home loan can be one of the best decisions you make when purchasing a home. And when you’ve been in your home for a little while, you can use VA refinancing to get a lower interest rate on your VA loan. When you do that, remember these cautions.

These steps include inspecting the home to receive state inspection certification, appraising the home and property value, requesting the VA home loan from an approved lender, and finally closing on the home. Receiving a VA home loan is a relatively easy process for veterans who qualify under the stated qualifications of the VA home loan program. Once accepted as a qualified applicant, the other steps to receiving and taking advantage of a VA home loan to purchase one’s own home can be more easily and readily accomplished.

Government Loan Pro is a licensed VA and FHA mortgage broker and we can provide a wide variety of VA Purchase options for you and your family. We make it easy to find refinancing options for your VA home loans, great rates on purchasing loans, and we’ll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.

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What You Don’t Know About VA Loans



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