subject: Who All Can Get a VA Loan [print this page] Who All Can Get a VA Loan Who All Can Get a VA Loan
The number of eligible veterans for the Veterans Administration loans in the United States of America is 27 million. The best thing about this loan is that the veteran who applies for this will not have to make any down payment. However, the veteran has to meet the eligibility criteria to pass a VA loan and get the appraiser signed by the VA. The process of application is similar to all other loans processed in this country.
Instead of applying for other loans and getting stuck in their difficult processes. The veterans of this country have a great opportunity to have the ownership of a house. These loans are available for the people who have served the military, National Guards or are one of the reservists. For them, VA loan is a more beneficial, easier to perform and faster option through which they can finally fulfill their dream of owning a house.
The fact that there the veteran who qualifies for this loan does not have to make any down payment makes sense because this loan is backed by the government. The lender who will provide the VA loan to the borrower will receive a guarantee from the government that if in the case the borrower does not pay back the loan, the amount will be paid off by the government. This provides the lenders with a motivation to approve these kinds of loans and the borrower to be felt protected.
There are many advantages of VA loans like 100% refinancing is allowed on them. People who have bought their houses through these loans can easily refinance their houses due to any reason. The person will not be charged with penalties and he or she will only have to pay the interest payments and the interest charged will be not very expensive. The time duration in which the veteran has to pay off this loan is between 15 to 30 years and the limit of the loan amount is $417,000 ($625,000 for loans in Alaska, Guam, U.S. Virgin Islands and Hawaii).
VA loan is not limited to the first time house purchasers. Veterans can also use it for refinancing their houses or buying a second house. However, they can only use a single VA loan at a time. Thus these are the reasons why this loan is very popular. This loan is a gift from the government to the people who serve the nation so that they become firm on their grounds and work diligently.
