A VA loan is a special type of home loan that is made available to veterans of the United States Armed Forces. The VA does not loan money. Rather, a portion of the loan is guaranteed by the Veteran's Administration. This means that the lenders are protected in case the borrower defaults. Originally established in the year 1944, the VA home loan program allows qualified veterans to obtain home financing without having to pay a down payment.
The amount of the loan that is guaranteed by the Veterans Administration is known as the entitlement. The maximum entitlement for loans is $36,000. The amount of entitlement determines the maximum amount of the loan you can obtain. As an example, with $36,000 entitlement, the maximum loan amount would be $417,000. This figure will be determined by the bank or mortgage company that is assisting you with obtaining your VA home loan.
Who Qualifies for VA Mortgage Loans?
The list below provides a quick reference to some of the criteria for eligibility. This list is not exhaustive. Only the VA can authoritatively determine a Veteran's eligibility for home loan benefits
If you are a veteran who served in the Afghanistan and Iraq Wars, check with the Veterans Administration to find out the eligibility guidelines for veterans involved in current service.
Do Members of the Reserves and National Guard Qualify?
If a member of the reserves or the National Guard has served at least six years or been deployed to a war zone for 90 days, he or she may be eligible for a VA home loan.
For information on VA home loan eligibility please see the article VA Eligibility: Determine If You Qualify If you would like more information on VA Loans in general please visit directvaloans.com where you will find information on VA home loans and VA home loan refinance programs.
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