Do You Qualify For A $0 Down VA Home Loan?
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Written by: Philip Georgiades
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Word Count: 396 |
Date: Sat, 29 Jan 2011 |
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Am I eligible for a $0 Down Guaranteed VA Home Loan?
A VA loan is one that gives veterans of war the opportunity to take out a guaranteed loan that does not require a down payment from the individual before the funds can be borrowed.
This kind of loan was designed to assist military personnel and their families with the purchase of a home, and has helped millions of members of the United States Armed Forces to do just that since it was signed into law in 1944 by then President Franklin D. Roosevelt.
Armed forces veterans who were on active duty and then discharged honorably are eligible to get a VA loan. But first, potential candidates of the veteran loan must have been active in their branch of the military for either a minimum of 90 days during a time of war, or for 181 continuous days in a time of peace before they can be accepted into the VA loan program.
It is also important to keep in mind that veterans who want to apply for the VA loan must actually qualify for the borrowed funds, as simply having the status as a veteran does not automatically give that person eligibility for the service.
Private investors such as banks, hedge funds and various mortgage companies provide the funds to qualified veterans. The funds must be used for the purchase of a home, and said home must be occupied by the new homeowner.
Before applying for a Veteran's Administration loan, what kind of information should a candidate gather together to make the scheduled loan meeting as seamless as possible?
The following information will be needed later and should be kept handy: the applicant's social security number; gross monthly income amount; names and addresses of employers for the past two years; two months bank statements for all bank and retirement accounts; addresses of any homes or real estate owned in the past or currently; current check stubs along with the W-2 forms filed by the applicant for the past two years; and an estimated worth of the applicant's personal property and furniture.
In addition, the applicant must pay the fees for both a home appraisal and a credit report before the veteran's loan will be administered.
Veteran's Administration loans provide quite an advantage to those veterans who qualify for the service, so make that home owning dream come true today!
About the Author
Philip D. Georgiades is the Chief Loan Steward for VA Home Loan Centers. If you would like more info about VA home loans online or to apply for a VA home loan, visit => http://www.vahomeloancenters.org
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