Home Loans for Vets: 5 things you need to know

If you or your spouse has served in the military or the National Guard, chances are you’re eligible for a loan guaranty from the U.S. Department of Veterans Affairs.

“VA loans are a low risk for lenders and a great benefit for veterans,” said Patrick Cunningham, vice president and partner at Home Savings and Trust Mortgage in Fairfax, Va.

The VA also does energy efficient mortgages.   The appraisers at Southern California Appraisal Services  are VA certified appraisers that specialize in energy efficiency.  Contact them www.scappraisals.com for your home value questions.

Who can finance a home with a VA loan?

 Many veterans pay attention to their education and medical benefits but are unaware that they may qualify for this homeownership benefit, said Joseph J. Murin of NewDay USA, a VA mortgage lender based in Fulton, Md.

Members of the military are eligible for a VA loan guaranty after they have actively served for 90 days during wartime or 180 days during peacetime. Murin said members of the National Guard and reservists are eligible after six years or, if they have been called for active service during wartime, 90 days. Surviving spouses of someone who died during active duty or due to a service-related disability are also eligible.

Criteria for VA financing also includes meeting loan guidelines for credit and income eligibility.

Loans for veterans are generally available for primary residences only.

read more at: http://www.seattletimes.com/business/home-loans-for-veterans-5-things-you-need-to-know/

disclaimer: for information and entertainment purposes only

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