subject: VA Home Loans, Your Best Option For Home-Ownership [print this page] VA Home Loans, Your Best Option For Home-Ownership
The so-called shrinking middle class has a few holdouts (so to speak). American war veterans, who are dubbed as the "defenders of freedom" have a benefit that most don't even know about. That benefit is the $0 down access to home ownership. The program is also known as the "VA Loans program".Active duty and former active duty discharged who have not served in war-time and veterans and who served in any capacity for the U.S. armed forces in 2 World Wars, Korean War, Vietnam War, Iran-Iraq War, and recently, anti-terrorism wars in Afghanistan and Iraq.American soldiers have represented the United States as the fighters for a free world. However, after performing their military duties, most of them came back home without any livelihood. This has created some concern for surviving military personnel that have served in U.S. combat operations. Most of the surviving personnel returning to the country after their service have experienced losing homes or have yet to own a permanent residence. As U.S. President Barack Obama declared that most of the U.S. soldiers serving in Iraq would go home, housing has been one of the major problems addressed by both the soldiers and their families. The U.S. Department of Veterans Affairs (VA) loan has many similarities with the Federal Housing Administration to establish the VA Home Loan program to help returning soldiers and families that survived the loss of their relatives in combat to own homes. In terms of eligibility, the VA residential loan law has made specific requirements to be complied. To be approved for the VA loan, you must be an eligible veteran. The veteran must also have a good credit record, since those who are experiencing credit debts and problems may become incapable of financing the loan. The most important requirement is the veteran or his/her spouse must have a stable income that can cover residential expenses including construction, renovation, and the overall price of the house.In order to acquire a VA residential loan, you must apply for a Certificate of Eligibility first in order to prove that you have the necessary qualifications. Then select the home you want to purchase and sign the purchase terms and conditions. Once done, request an appraisal from VA, although your lender is usually the one doing it. Your lender should facilitate the request for an appraisal online through The Appraisal System, a centralized application that tolerates convenient and fast access to an appraisal request. After your request is granted, you will need to supply your lender with any requested income, tax, and expenses information. If the lender participates in the LAPP system, the loan can be accepted and closed through the receipt of the CRV (certificate of reasonable value) bypassing the need for a VA credit application review. The VA Home Loan program is now the best way for veterans to reap the rewards out of their services for the nation. If done applied and acquired properly, then the U.S. veterans and their families will fulfill their "American dream" once again.
