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Vikki Nguyen

Eligibility for the VA Home Loan Program

Saturday, February 19, 2011 - Article by: Vikki Nguyen - H3 Lending Group - Message

Eligibility for the VA Home Loan Program

Who's Eligible for a VA-Backed Loan?
oActive duty personnel
oReservists/National Guard members
oSome surviving spouses

Primary Benefits of a VA Home Loan:

?100% financing
?No monthly private mortgage insurance is required
?There is a limitation on buyers closing costs
?The loan is assumable, subject to VA approval of the assumer's credit
?30 year fixed loan
?Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
?Interest rates are similar to FHA rates
?You don't need perfect credit

When applying for a VA home loan there are some advantages to having the VA on your side during the home buying process. Did you know that VA loans offer limitations on closing costs? The VA also offers leniency to qualified VA borrowers who are having temporary financial problems.

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