what are va programs?
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Veterans Administration loans, which are available to veterans, reservists and military personnel, are useful because they do not require a down payment. The loan amount the U.S. Department of Veterans Affairs will insure varies by region.
There is no restriction on the purchase price as long as you have the cash to make up the difference between the loan amount and the purchase price.
For the nearest regional office of the U.S. Department of Veterans Affairs, call (800) 827-1000; va.gov.
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can national guard vets and other reservist get va loans?
Under the Veteran's Benefits Improvements Act of 1994, men and women who have completed six years in the Army, Air Force, Marine Corps, Coast Guard Reserves, the Army National Guard or Air National Guard are eligible for VA home loans, including no-down payment programs.
If you are a reservist or a National Guard veteran, you can receive VA home loan benefits, but you will pay a higher funding fee of up to 2.75 percent of the loan amount. If you make a down payment, the fee can be incorporated into the loan amount. |
how does someone qualify for va loans?
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After issuing a certificate of eligibility to a veteran, the U.S. Department of Veterans Affairs guarantees the loan to the lender up to a certain amount. VA loans frequently offer lower interest rates than ordinarily available with other kinds of loans.
To qualify for a loan, the first step is to apply for a Certificate of Eligibility (complete Form 26-1880) and call (888) 487-1970 for more information.
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