{"id":18158,"date":"2010-03-29T20:20:54","date_gmt":"2010-03-29T20:20:54","guid":{"rendered":"http:\/\/203krehabnow.com\/?p=18158"},"modified":"2010-03-29T20:20:54","modified_gmt":"2010-03-29T20:20:54","slug":"what-is-a-va-mortgage-loan","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/what-is-a-va-mortgage-loan\/","title":{"rendered":"What is a VA Mortgage Loan?"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-21069\" title=\"va mortgage loan\" src=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/photodune-1928619-happy-mixed-race-couple-with-baby-in-front-of-sold-real-estate-sign-xs.jpg\" alt=\"\" width=\"548\" height=\"365\" srcset=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/photodune-1928619-happy-mixed-race-couple-with-baby-in-front-of-sold-real-estate-sign-xs.jpg 548w, https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/photodune-1928619-happy-mixed-race-couple-with-baby-in-front-of-sold-real-estate-sign-xs-300x200.jpg 300w, https:\/\/dev203k.orbitwebx.com\/dev203k\/wp-content\/uploads\/2013\/12\/photodune-1928619-happy-mixed-race-couple-with-baby-in-front-of-sold-real-estate-sign-xs-530x353.jpg 530w\" sizes=\"auto, (max-width: 548px) 100vw, 548px\" \/><\/p>\n<p>A VA (<a title=\"Department of Veterans Affairs\" href=\"http:\/\/www.va.gov\/\" target=\"_blank\" rel=\"noopener\">Veterans Administration<\/a>) guaranteed home loan is one of the only loan program available that offers 100% financing of the purchase of the property.\u00a0\u00a0Another great benefit is there is no monthly mortgage insurance.\u00a0 Individuals that qualify for this program are\u00a0active, non-active, Reserve, National Guard, and retired military of the armed forces.<\/p>\n<p>This great VA\u00a0 loan\u00a0can not only be used to purchase a new property but also to\u00a0build a home, or even\u00a0to refinance your\u00a0existing mortgage.<\/p>\n<p>Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren&#8217;t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?<\/p>\n<p><strong>VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.<\/strong><\/p>\n<p>The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.<\/p>\n<p>*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.<\/p>\n<p><strong>Primary Benefits of a VA Mortgage:<\/strong><\/p>\n<ul>\n<li>100% financing<\/li>\n<li>No monthly private mortgage insurance is required<\/li>\n<li>There is a limitation on buyers&#8217; closing costs<\/li>\n<li>The loan is assumable, subject to VA approval of the assumer\u2019s credit<\/li>\n<li>30 year fixed loan<\/li>\n<li>Seller can pay up to 4% of the veterans closing costs and even pay down they buyer&#8217;s debt to help lower their debt-to-income ratio<\/li>\n<li>Interest rates are similar to FHA rates<\/li>\n<li>You don\u2019t need perfect credit<\/li>\n<\/ul>\n<p><strong>Frequently Asked Questions:<\/strong><\/p>\n<p><strong>Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?<\/strong><\/p>\n<p>No, the VA loan benefit does not extend to a veteran&#8217;s children.<\/p>\n<p><strong>Q: What is required to prove my <a href=\"http:\/\/www.archives.gov\/veterans\/benefits.html\" target=\"_blank\" rel=\"noopener\">record of military service<\/a>?<\/strong><\/p>\n<p>You will be required to us Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.<\/p>\n<p><strong>Q: My spouse who has passed away was an eligible veteran. I am eligible for the home loan benefit myself?<\/strong><\/p>\n<p>A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.<\/p>\n<p><strong>Q: Is a VA loan better than a <a href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/can-i-qualify-for-a-va-refinance-if-i-currently-have-a-conventional-loan\/\">conventional mortgage<\/a>?<\/strong><\/p>\n<p>In many cases, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, they do not require monthly private mortgage insurance when borrowing more than 80% of a home&#8217;s value, and they can be easier to get approved for.<\/p>\n<p><strong>Q: How long does it take to get approved for a VA loan?<\/strong><\/p>\n<p>It varies depending on the current workload of your lender, but it is typically the same as for <a href=\"https:\/\/dev203k.orbitwebx.com\/dev203k\/is-a-va-jumbo-loan-better-than-a-conventional-jumbo-mortgage\/\">conventional <\/a>mortgages \u2013 3 weeks to 45 days.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A VA (Veterans Administration) guaranteed home loan is one of the only loan program available that offers 100% financing of the purchase of the property.  Another great beniefit is there is no monthly mortgage insurance.  Individuals that qualify for this program are active, non-active, Reserve, National Guard, and retired military of the armed forces.<\/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":[58,57],"tags":[60,61],"class_list":["post-18158","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-va-mortgage","tag-va","tag-va-mortgage-loan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a VA Mortgage Loan?<\/title>\n<meta name=\"description\" content=\"A VA (Veterans Administration) guaranteed home loan is one of the only loan program available that offers 100% financing of the purchase of the property.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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