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VA Underwriting

Underwriting

Underwriting

The no down payment feature is, of course, a primary advantage for individuals with low-to-moderate incomes. However, lenders should not overlook other aspects of the VA program that will help in underwriting loans for such applicants. The "VA Credit Standards" are written as guidelines and are meant to be interpreted and used just that way, taking into consideration all of an individual loan applicant’s financial, employment and family circumstances. Underwriters are encouraged to give consideration to every possible appropriate factor in seeking a proper basis for approving loan applications for every qualified veteran.

Benefits of VA Home Loans

No Down Payment VA loan limits increased up to $417,000!

As of January 1, 2006, qualified Veterans and Active Duty military can obtain a loan of up to $417,000 or $625,500 in high cost areas- with no money down.

  • There is zero down payment required when purchasing a home.
  • The VA mortgage loan is guaranteed with no money down for any loan up to $417,000.
  • If you have bad credit, you are likely to get a much lower rate with a VA loan compared to a conventional loan.
  • There is no monthly Mortgage Insurance required for a VA home loan.
  • VA home loan payments help build your personal wealth. Unlike rent payments, a portion of the VA home loans payment goes toward building equity in the house.
  • As you build equity in your VA home, you will find it easier to qualify for other loans for new cars, education and better interest rates.
  • The tax code is generous to VA home owners.
  • Not only can you deduct interest on your VA home loan payments, but you can avoid taxes on the profit from selling your home, if you buy another home of equal or greater value within two years of the sale.
  • IRS rules also allow you to avoid taxes on up to $250,000(or $500,000 married filing jointly) of profit on the sale of your VA home.
  • VA mortgage loans are often assumable.
  • The more you know about VA home loans program, the more you’ll realize how easy it is to buy a home and start building your personal financial wealth.

If you are still renting, now is the time to take a serious look at VA home ownership. while interest rates are still at record lows.

Here are some more facts.

  • $70,000 - the average homeowner’s equity.
  • $50,000 - average low-income homeowner wealth in 2001.
  • $7,900 avg. low-income NON HOMEOWNER wealth equity in 2001.
  • An overwhelming 97% of homeowners own at least some equity in their homes.
  • Among Lower income households - home equity is 80% of their entire wealth.
  • For Hispanics, home equity is 63% of their entire wealth.
  • For Afro-Americans - home equity is 52% of their entire wealth.

VA Loan Application

The Veterans Administration loan Online -Apply Now for VA Loan.

What is a VA Home? When a homeowner

of a single, Multy Family or any other type of residence which has been deeded back to the Vetereans Administration by the mortgage companies who foreclosed on an VA Insured Mortgage. More about: VA Homes

Who Can Buy VA Home? Buy A Home

Anyone can buy a VA home, have a verifiable amount of cash for the purchase or pre-approved for a mortgage. More about: Who Can Buy VA Home

First Time Homebuyer

First Time HomebuyerPurchase Your First Home with Confidence; Our REALTORS have the experience to help you through the transaction. The information in this website for First time Home Buyer, on loans, about our buyer's specialists, community and school information.. More about: First Time Homebuyer

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