VA mortgages
Many veterans take advantage of the valuable benefits they are entitled to through the Department of Veterans Affairs. One of these benefits is the VA Home Loan Guarantee Program. Through this program many veterans have purchased guaranteed homes who otherwise could not have bought a home. The way the VA Home Loan Program works is:
- A veteran gets a Certificate of Eligibility. This can be done by going to Mortgage Loan Place and filling the form out yourself, or by contacting your regional loan center and get a list of approved lenders. Your lender can get a Certificate of Eligibility for you on the internet.
- Choose a VA approved lender. Make sure to shop for the best deal on your mortgage loan.
- Get approved for the loan by submitting all of the information the lender needs.
- Negotiate a purchase price for the home you want to buy.
- Once you have a purchase agreement then your lender will process your loan.
- The loan is guaranteed by the VA for a basic amount of $36,000 if the loan is for up to $144,000. If the loan you take is over $144,000 then the guarantee is for 25% of the loan amount for home loans up to $417,000.
- The VA does not directly loan you the money to purchase your home. The VA approved lenders loan you the money and the VA guarantees a portion of the loan in order to make it easier for you to get a loan and purchase a home.
For more information on the VA Home Loan Guarantee Program.
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