VA Loans Explained
Posted by ICON Realty Team on Wednesday, September 22nd, 2010 at 7:29am.If you have served your country as a member of the Armed Forces, then as a veteran, you may have another resource to help you buy your home. Since 1944, the U.S. government has offered a variety of benefits for those who have served in the military.
One of the benefits is mortgage insurance from the Department of Veterans Affairs, previously known as the Veterans Administration or "VA." Under the VA program, men and women who have served in the military service qualify for VA mortgage insurance. The advantage? VA insurance allows a qualifying vet to buy a home with nothing down.
Not every veteran will qualify for a VA loan. But if you do, VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000.
Typically, a VA loan is meant to be used one time, but in some circumstances, you may be able to use it again. To do so, the property purchased with the prior VA loan has been sold and the loan paid in full, or a qualified veteran-transferee (buyer) agrees to assume your VA loan and substitute his or her entitlement for the same amount of entitlement you originally used, or the property purchased with a prior VA loan is both paid in full and still owned by the veteran, then the entitlement used in connection with that loan may be restored.
For more specific information, veterans should see a base housing officer, contact the nearest VA regional office, as well as speak with local lenders. There are some specific requirements, but in general, eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime.
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ICON Realty Partners, LLC
Indianapolis Real Estate
Phone: 317-572-7728
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Posted on Monday, December 20th, 2010 at 8:33 AM.