MORTGAGE LOANS HOME REFINANCING CALCULATORS  |  About LoanReduce  |  Contact Us
Reduce your loan and see how much you could save
 
 
Start Here for Today's Rate!
  Loan Type  
  Credit Profile  
Property Location  
  Home Type  
 
 
Find out what works for you with our mortgage calculators
 
Understanding home refinancing & mortgage terms
 
VA Loans

U.S. Department of Veterans Affairs (VA) loans are available to men and women who are now in the military and to veterans with honorable discharges who meet specific eligibility rules, most of which relate to length of service. The VA doesn't make mortgage loans, but guarantees part of the house loan you get from a bank, savings and loan, or other private lender. If you default, the VA pays the lender the amount guaranteed and you in turn will owe the VA. This guarantee makes it easier for veterans to get favorable loan terms with a low down payment.

The VA loan began in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.

If you are looking to purchase a home with little or no money down, you're in luck if you qualify for a VA mortgage loan. VA loans can be guaranteed with no money down in most cases, VA loans frequently offer lower interest rates than ordinarily available with other kinds of loans, and an added bonus -no private mortgage insurance is required with a VA guaranteed loan. The VA even offers help for those looking to refinance.

Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without waiting for VA's approval of the credit application.


LoanReduce can give you all the details you'll need to take full advantage of your VA home loan benefits.



 

 
 
Home | Privacy | Terms | Advertising Disclaimer | About | Contact | Unsubscribe | Copyright LoanReduce
 
Important Disclaimer: There is no cost to submit a loan quote request, or to get matched with lenders and receive conditional loan offers. You may shop for offers with us at no cost. You may review the conditional free loan offers from lenders and talk to the lenders at no cost. If after receiving your free offer you choose to work with a lender from our network to process a loan request, the lender you choose may require a fee to process a loan request. You have the option to agree or not agree to pay the lender a fee and accept their services. You will not be charged a fee of any kind from the lender until you agree to accept their services. The information provided by you to us is not an application for a mortgage loan nor it is used to pre-qualify you with any lender. Rates are subject to change. We are not acting as a lender or a broker ("Service Provider").