Understanding VA Loans

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Understanding VA Loans
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Looking to purchase a new home?
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If you are a veteran, you can opt for VA
guaranteed loans to help you carry the burden of
buying a new residence.
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VA mortgage loans are generally loans guaranteed
by banks and mortgage companies.
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The way this works is that the guarantor promises
to pay the lender for the loss arising from the
inability or failure of the home buyer to pay for
the amounts due.
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The guaranty acts a security for the benefit of
the lender.
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If youre thinking of getting a new home, it is
highly advisable that you secure this type of
advance credit to fast-track your plans.
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Benefits of Getting a VA Loan
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There are many benefits when you obtain a VA
credit home loan.
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First, there is generally no down payment
required there may be select instances where the
lender may require it as when the purchase price
is considerably greater than the reasonable value
of the home you plan to get.
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Second, the interest rates are usually
negotiable. Third, the closing costs are
virtually the same with other financial types in
fact, it may be lower in certain cases. Fourth,
there is no need to pay mortgage insurance
premiums.
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Fifth, the constructed homes may be inspected by
the VA to ensure that it fits the latters
specifications.
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This type of financing arrangement not only offer
competitive interest rates, there are also no
penalties imposed if you prepay the loan.
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In addition, the loan qualifications are
generally more lenient compared to applying
conventional loans.
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Also, sellers are the ones responsible for paying
all the closing costs.
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However, this type of credit pact do not act as a
guarantee that the purchased home is free from
any defects.
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It is only limited to acting as a guarantee for
the home loan.
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As the buyer, it will be your responsibility to
see to it that you are satisfied with the
property.
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This should not be a big issue though since this
kind of loan covenant generally permits an
inspection of the homes before, during, and even
after construction to ensure that all
specifications are complied with.
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While inspections are generally permitted, you,
however, cannot compel the home builder to
address or fix construction defects.
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This financing treaty does not have that
authority. But as a remedy, you report a builder
and have him precluded from further participating
in the VA home loan program.
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In addition, the VA assistance credit cannot
guarantee that you are getting the best deals.
But in order to get the best value for your
money, it is recommended that you speak with the
professionals.
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If youre planning to buy a new home, get expert
advice before committing to a home purchase
agreement.
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Getting a VA Loan with Bad Credit
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Are you wondering if you can obtain a VA mortgage
loan with bad credit? Its a legitimate question,
especially at a time of bad economy.
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But fortunately, you can still obtain this type
of loan without down payment.
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If you believe you have bad credit standing and
plan to secure a VA home financing loan, first
thing you need to do is to improve your current
credit score.
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You can do this by complying with your current
financial commitments. When you have a clean
financial record for the last 12 months, you
might still get an approval for a VA credit loan.
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You also have to establish that you are now
financially secure. This includes having a steady
job.
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Our VA Loan Specialist helps veterans obtain the
loans they are entitled to.
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He served in the United States Marine Corps, and
now devotes himself to the Veteran home buyer in
the Phoenix area, fulfilling a passion of his
while at the same time helping others achieve
home ownership.
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Be a proud homeowner today.
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For more details call 480-351-5904 or visit the
site www.valoansforvets.com
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VA Loans for Vets 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com