home mortgage loans

milady asked:


It seems that my spouse (100% service-connected disabled veteran) and I can not find the answers we need to acquire VA home loan. We have been told credit issues may play havoc. We have been told VA home loans are guaranteed through the VA system/government; so what is the deal in obtaining a loan? We have been told by many, that my spouse qualifies. We do not want something outrageous; just a comfortable home near the local VAMC. We understand that no matter how your credit is; every vet gets the same rate. We are under contract with someone who claims to be an expert on VA home loans but has told us that we have to repair the credit issue. If we had the money, we would not have issues with credit. The credit issue was developed by a medical situation and can be proven. I do know there are creative mortgage officers/brokers that can make this work; where is a qualified person that can get that can assist us? Yes, I know if I didn’t need money, there would be plenty.
thank you to all those that are assisting… it is greatly appreciated.

DUSTY

AccessNational asked:


Although there are a few options for veterans qualifying for VA home loan programs, VA mortgage loans for home purchases are probably the most well-known and most commonly utilized, and for good reason. Eligible veterans VA mortgage loans are a benefit of service designed to make home buying easier and more affordable for them.

What Are VA Mortgage Loans?

VA mortgage loans are more accurately described as VA insured mortgage loans because in actuality that is what they are. The federal government and/or the Veteran’s Administration does not make direct loans to veterans; instead, the federal government provides insurance for VA mortgage loans that decrease the risk of the loan, thus allowing lenders to offer better terms. They also grant VA mortgage loans to qualified veteran borrowers without requiring a down payment or requiring Private Mortgage Insurance to be paid on the loan.

The first thing to understand as a veteran interested in exercising your benefits is that your loan is still funded by a private bank or mortgage company, just as it would be if you were to take a traditional home loan; in this way the basic mortgage product is not very different. The difference is that the government guarantees payment on your loan should you default, and so lenders will be more willing to give you better rates and terms than you would qualify for on your own as a private citizen.

Why is it important to know this? Because it is important to know that as a veteran with this eligibility you should not settle for a lesser home loan. But even more importantly it is important to know this because it is important to know that the government only insures your loan, it does not dictate your terms. Different VA mortgage lenders will still offer different terms and interest rates, just like if you were shopping for a traditional home loan.

Practically speaking, this means that the first loan you are approved for may or may not be your best deal and you should seek the best VA mortgage loan terms you can. It also means that no matter where you live in the U.S. there are good and better VA mortgage lenders, so you should shop for one with that has your best interests in mind. However, know that that lender does not necessarily have to reside in your state—you might look for an Alaska VA mortgage lender online and find that the best professional will work from Colorado. The key to success is to work with an experienced lender that offers good terms and excellent customer service.

What VA Mortgage Loan Services Do Lenders Offer?

The other piece in understanding VA mortgage loans is knowing that there are a number of options available to you. The job of the VA lender is to work with you to explore those options and to walk you through the process seamlessly. Again, this does not necessarily mean the best professional will be local to you. For example, that Colorado or Alaska VA mortgage lender could be just as qualified (or more qualified) to walk you through the Pennsylvania VA home loan process. The process is based on federal regulations, so the same basic rules that apply for an Alaska VA mortgage lender will apply for the one managing the Pennsylvania VA home loan process, and so on.

Regardless of where you live and what your mortgage shopping needs are, if you are an eligible veteran, or think you might be, you should look into VA mortgages before making any final decisions. You might just find that VA insured mortgage loans offer just what you are looking for, including a VA home loan refinance. The tools and resources of VA mortgage lenders can help you determine whether a VA mortgage or VA home loan refinance might be best, and you can use their tools (like the VA mortgage calculators) to help you compare and contrast programs and terms.

There really is a lot to know about VA mortgage loans, but you do not have to try to navigate the waters alone. There are excellent VA mortgage experts and specialists that can clarify all your options and possibilities, and help you evaluate the benefits of VA mortgage loans so that you can be assured you are entering into the best home mortgage program with the most affordability for you.



DANA

Remy asked:


Why pay someone else’s rent when you can pay your own mortgage instead?  Mortgage loans are easier to get than ever before.  If you have more than 20 percent of the price of the home as a down payment, you do not even have to produce documents for mortgage loans in most cases.  Even if you do not have any money to put down on your mortgage, or have a past bankruptcy, there are mortgage loans that are available for you. 

 

You can apply for mortgage loans online or in an off line lending institution.  Often, there are more options with regard to mortgage loans online than anywhere else.  You can often get a discounted rate on mortgage loans when you apply online.  Take a look at the rates and how much you can afford to pay for a mortgage each month before you get ready to apply.   There are plenty of mortgage calculators online that can determine the amount of money that you will need to buy the home as well as how much your monthly mortgage payment will be. 

 

When applying for mortgage loans, you have a choice of getting a conventional loan or a government backed loan.  If you are a first time homeowner or a veteran of the services, you can easily get a loan for more than 80 percent of the value of the home. 

 

Mortgage lenders are eager to make mortgage loans.  The interest rates on mortgage loans are still low and there are many bargains on the real estate market today.  In addition to all of the foreclosures, many home prices have actually fallen in some areas.  There has never been a better time to purchase a home for yourself than right now.

 

If you are renting a home, you are tossing away your money on rent.  You are actually paying someone’s else’s mortgage instead of paying your own.  You can apply for mortgage loans and buy a home of your own instead of paying rent.  In addition to having the enjoyment of home rental, you also have the tax advantages of owning your own home.  You can write off the interest that you pay for your mortgage loans on your income tax.

 

The United States used to be a nation of renters but is now a nation of homeowners.  This began in the 1950s and continues until today.  The government gives incentives for people to purchase their own homes.  Two of the incentives that are given are the tax advantages of mortgage loans, such as the ability to write off the interest and the points, and the government backed mortgage loans such as the FHA loan and VA loan. 

 

If you are renting a home, consider buying a home today instead.  Getting mortgage loans is not difficult no matter what your financial situation.  There are some mortgage loans that will actually lend you 100 percent of the cost of the house.  You can actually buy a house with no money down and probably pay less money per month for your mortgage than you do now for rent. 

 

Gather up your financial documents and talk to a loan officer.  He or she will be able to tell you all about mortgage loans and which ones may be right for you.   



ROBIN