{"id":1701,"date":"2010-03-08T00:11:14","date_gmt":"2010-03-08T00:11:14","guid":{"rendered":"http:\/\/www.mortgageblogarticles.com\/?p=1701"},"modified":"2010-03-08T00:11:14","modified_gmt":"2010-03-08T00:11:14","slug":"how-is-a-va-loan-guaranteed","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/how-is-a-va-loan-guaranteed\/","title":{"rendered":"The VA Loan Guarantee Process"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-18262\" title=\"VA Loan Guarantee\" alt=\"\" src=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2011\/03\/Capture21.jpg\" width=\"578\" height=\"202\" srcset=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2011\/03\/Capture21.jpg 578w, https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2011\/03\/Capture21-530x185.jpg 530w, https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2011\/03\/Capture21-300x105.jpg 300w\" sizes=\"auto, (max-width: 578px) 100vw, 578px\" \/>First, the <a title=\"Veteran Information\" href=\"http:\/\/www.va.gov\/\" target=\"_blank\">veteran <\/a>must apply for a VA guaranteed\u00a0loan with\u00a0a\u00a0 lender who offers VA financing.\u00a0 If approved, the VA will guarantee a certain amount of the loan amount to the lender.<\/p>\n<p>This means that if the borrower defaults on the loan the lender will be repaid the guaranteed amount, and they can generally make up the remainder of the loan amount through the sale of the property in <a title=\"VA Loan With Foreclosure\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/can-i-get-a-loan-if-i%e2%80%99ve-had-a-recent-foreclosure\/\">foreclosure<\/a>. This makes VA loans much less risky and allows lenders to offer more favorable terms to those who qualify.<\/p>\n<p>Qualified VA borrowers can often obtain financing with no down payment. $36,000 is the maximum <a title=\"VA Entitlement\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/what-is-a-va-mortgage-loan-entitlement-2\/\">entitlement<\/a>, or amount the VA will guaranty, for a loan up to $144,000.\u00a0For loans over this amount, it can go as high as $104,250.<\/p>\n<p><strong>A Few Benefits Of VA Loans:<\/strong><\/p>\n<ul>\n<li>Any <a title=\"Benefit Resources\" href=\"http:\/\/www.archives.gov\/veterans\/benefits.html\" target=\"_blank\">qualified veteran<\/a> or current military personnel has equal opportunity to be given a VA loan.<\/li>\n<li>100% financing is often available.<\/li>\n<li>VA will assist borrowers in case of default due to financial difficulty.<\/li>\n<li>The <a title=\"VA Funding Fee\" href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/why-do-i-need-to-pay-a-va-funding-fee\/\">VA funding fee<\/a> can be financed into the loan amount.<\/li>\n<li>Closing costs comparable to other financing types.<\/li>\n<li>Mortgages are\u00a0assumable.<\/li>\n<li>Ability to prepay without being penalized.<\/li>\n<li>For houses appraised by the VA during construction, builder-provided warranty and help from the VA in acquiring builder cooperation.<\/li>\n<li>No mortgage insurance required.<\/li>\n<\/ul>\n<p><strong>However, the VA does not:<\/strong><\/p>\n<ul>\n<li>Promise that a home is defect-free; only the loan is guaranteed by the VA.<\/li>\n<li>Order a builder to fix defects in your home if you had a house built.<\/li>\n<li>Guarantee that a veteran is making a good investment.<\/li>\n<li>Provide veterans with legal services.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>When an eligible current or ex-servicemember needs to purchase a home for their own personal use, they can obtain a VA Guaranteed loan from a bank, mortgage lender, or savings &#038; loan company, depending on the circumstances.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-1701","post","type-post","status-publish","format-standard","hentry","category-va-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The VA Loan Guarantee Process<\/title>\n<meta name=\"description\" content=\"Learn how a VA loan is guaranteed by the VA. 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