Both the SHA and the SAH programs are administered through the Veteran Benefit Administration (VBA). As a part of the VA's Loan Guaranty Service, Specially Adapted Housing Agents are located in Regional Loan Centers in 58 communities across the ... Connecting with VA Officials to Better Serve Disabled Vets
VA-eligible borrower Charles, a US Army Sergeant serving in Afghanistan, wants to use his veteran benefits to buy a house in the States but meets difficulties due to misinterpretation of strict occupancy requirements for VA-guaranteed loans. Ten days before closing Charles' lender stops the VA home loan process because his loan officer thinks the VA occupancy guidelines cannot be met as Charles is deployed overseas. Frustrated, Charles' real estate agent contacts over 10 lenders and none of them are able to help. Finally, she connects with iFreedom Direct® VA Loan Specialist Margo, who offers her expertise in the VA home loan process and rescues the loan. She is able to clear up the VA loan myth regarding owner occupancy and clarifies that the VA is lenient when it comes to deployed service members using their home loan benefits. Charles' loan can proceed and he is able to purchase his home with VA financing.
http://leafgardenpress.com/ VA Loan Myth: All Lenders Understand the Military Mortgage Process
Back in 1944, the VA Home Loan Program was created initially for the benefit of all service personnel who had served in World War II. Recent changes however have enabled even those on active duty to be eligible for VA home loans. The purpose of the VA loan was to make it possible for all those veterans who had served America in the country and abroad to own their own home irrespective of their credit history. The government wanted to save them from the hassles other civilians had to endure to get a home loan like a good credit history, down payment, closing costs, and so on.
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The Purpose of VA Loan
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The concept of a VA loan is designed to be beneficial to the borrower. Every attempt is made to make home buying an easy and affordable experience but at the same time a safe experience. The government realized that a lot of the veterans spent years in overseas service and thus they do not have a good credit history.
Some of them do not have enough savings for a down payment. The government wanted to ensure they had a home to go back to at the end of their long service to the nation and hence was started the VA loan and VA refinance.�
Lenders Backed By the VA Loan Program
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Lenders who lend to the veterans are assured of the repayment of their loan by the VA loans Program. The only criteria the veterans have to fulfill is a satisfactory payment history. They should have a history of having paid their bills, rent, and car insurance regularly. They should also show some proof of current income or anticipated income. This income should leave them enough to meet the mortgage payment after assuring the veteran and his family of a decent standard of living.
They have therefore to show a FICO Credit Score of at least 602.�
Advantages of A VA Loan
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The advantage of getting a VA loan is that you are protected by the Veterans Administration department. There is a VA inspector who ensures that you are not cheated. VA refinance options are available at lower interest rates. Refinancing is possible in the streamline process without a credit check and usually without an appraisal. Documentation required is also minimal. Moreover the VA will not allow its member to be overcharged in service fees by the lending agency. VA loans can be taken over by a buyer. The new buyer will assume-ability and take over the old loan. The VA functions as an umbrella to protect its members.
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Suggest Short Notes on Benefits of VA Loan for All Veterans TopicsQuestion by island girl: School Loans and Chapter 35 (Child of Veteran) VA Benefits? Does anyone know if I will still receive Veterans benefits if I take out school loans? I have never taken out loans before (always paid for school out of pocket), and I was receiving $ 925 a month sent to me personally from the VA, only for the months which I was attending classes. So, if I'm still a full time student, and I apply for financial aid and loans this semester, can I still receive the $ 925 a month? Or would it just go towards the remainder of the bill that loans and financial aid didn't cover? I hope someone knows what I'm talking about! Thank you if you do! Best answer for School Loans and Chapter 35 (Child of Veteran) VA Benefits?:
Answer by .
This site will help you: http://www.armystudyguide.com/education/blog/will-my-plan-to-use-chapter-35-benefits-work.html
