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VA Home Loan Program 101

By: Grant Moon 09/11/12 04:08 pm

VA Home Loan Program 101

 

The VA Home Loan Program is a benefit that can be used and reused by an eligible member.  This program helps you purchase a home without a down payment even though you may not be a first-time homebuyer. Another benefit is because the Veterans Administration (VA) guarantees the loan made by the private lender, you don’t have to buy private mortgage insurance. Other benefits of the program allow the veteran buyer to negotiate closing costs to be paid for by the seller. In addition, the VA rules establish a limit that you can be charged for closing costs by a lender. Lastly, under the VA Home Loan Program, the lender cannot charge you a penalty fee if you pay the loan off early.

The basic principle of the VA Home Loan Program is that the VA acts like a “guarantor” or fallback for private lenders to go to if anything goes wrong with your ability to fulfil your payment obligations. The loan you will get from a lender under a VA Home Loan Program is somewhat insured by the VA Loan Guaranty that the private lender can count on.

The VA Home Loan Program is a guaranteed loan for active service men and women, honourably discharged or retired military veterans, reservists, and unmarried surviving spouses of duty personnel who died in duty or through a service related disease. Whether you’re any of the following mentioned above, you can take advantage of a VA Home Loan Program to refinance your home, purchase a home, or improve the condition of your home.

The VA Loan can be used for home improvements when used to make energy-efficient home improvements that save on energy bills over the course of time. These include energy-efficient home renovations such as: storm-ready windows and doors, caulking, insulation, cooling systems, heating systems, energy-efficient thermostats and solar powered systems.

As for the loan amount, the general maximum amount that is allowed under the program is $417,000. However, the loan amount can go much higher in certain high cost counties across the United States.  Typically, lenders will do a prequalification of how much you can borrow based on your income and debts.

While it is true that not a lot of military men and women know about the VA loan program, determining your options and getting started is usually the hard part.  VA Loan Captain is a veteran-owned business that helps military veterans and active service men and women purchase, renovate, or refinance their homes with approved lending institutions.  Since 2011, VA Loan Captain has helped many fellow veterans, active service men and women, and surviving spouses use their VA Home Loan Benefits.  To find out more about your eligibility and options in the VA Home Loan Program today you can reach us at 855-825-2288.

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