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What is a VA
Guaranteed Home Loan? |
VA-Guaranteed Home Loans
are made by private lenders, such as banks, savings and loans or mortgage
companies These loans are made to eligible veterans for the purchase of a
home for their own personal occupancy. VA guarantees the loan to protect
the lender against loss if the payments are not made. VA-Guaranteed Home
Loans are intended to encourage lenders to offer veterans loans with more
favorable terms.
What can a VA Guaranteed Home Loan
be used for? |
To buy a home
To buy a condominium or townhouse in a VA-approved project.
To build a home. To repair, alter,
renovate and improve a home.
To simultaneously buy and improve a home.
To
improve a home by installing energy efficient features (solar
heating/cooling systems, water heaters, insulation,
weather-stripping/caulking, storm windows/doors or other energy efficient
improvements approved by both the lender and VA).
To refinance an existing
home loan to reduce the interest rate.
To buy a manufactured (mobile) home
and/ or lot.
To buy and improve a lot on which you intend to place a
manufactured home you already own and occupy.
To refinance a manufactured
home loan so that you can buy a lot.
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What are some of the advantages of a
VA-Guaranteed Home Loan? |
Equal opportunity for all qualified veterans to
obtain a loan.
No down payment (unless required by the lender or the
purchase price is more than the reasonable value of the property).
No down payment loans up to $417,000 for qualified veterans ($625,000 in Hawaii,
Alaska, US Virgin Islands and Guam)
Buyers informed of reasonable value.
Negotiable interest rates.
Limitations on closing costs.
Mortgages are assumable. Long amortization (repayment) terms.
No mortgage insurance premiums.
Right to prepay without penalty.
For new construction, a warranty from builder and assistance from VA to obtain builder's
cooperation.
VA assistance to veteran borrowers in default due to
temporary financial difficulty.
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VA-Guaranteed Home Loans DO NOT... |
Guarantee that a home is free of defects. It is the veteran's
responsibility to assure that they are satisfied with the property being
purchased.
The VA appraisal is not intended to be an "inspection" of the
property. A veteran should seek expert advice from a qualified residential
inspection service before legally committing to a purchase agreement.
If
you have a home built, VA cannot compel the builder to correct
construction defects; although VA does have the authority to suspend a
builder from further participation in the home loan program.
VA cannot
guarantee that a veteran is making a good investment.
VA cannot provide a
veteran with legal services.
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Requirements for VA-Guaranteed Home Loan Approval |
You must be an eligible veteran who has available home loan
entitlement (except in the case of the interest rate reduction refinancing
loan).
The loan must be for an eligible purpose.
You must occupy or intend
to occupy the property as your home within a reasonable period of time
after closing the loan.
You must have enough income to meet the new
mortgage payment son the loan, cover the costs of owning a home, take care
of other obligations and expenses and still have enough income left for
the family support (a spouse's income is considered in the same manner as
the veteran's).
You must have a good credit record.
If
the loan is approved, VA guarantees the loan when it is closed. The
guaranty means the lender is protected against loss if you or a later
owner fails to repay the loan.
Get started!
Contact Citizen's Mortgage Company
today! |
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496 Old Route 66,
St. Robert, MO 65584
info@citizens.biz
Toll Free: 800.440.2666
Ph: 573.336.2666
Fax:
573.336.2668 |
Relocating?
Being mobilized to
Fort Leonard Wood?
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Call Citizens Mortgage Company
for your home loan
needs at
573.336.2666
or
Toll Free 1.800.440.2666
Serving the Fort Leonard
Wood,
Waynesville and St. Robert Missouri
areas.
Conventional Loans - VA
Loans
Rural Development Loans
and
Re-financing
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