| Q:
|
What
are
VA programs?
|
| A:
|
Veterans
Administration
loans,
which
are
available
to
veterans,
reservists
and
military
personnel,
are
attractive
because
the
buyer
is
not
required
to
make
a
down
payment.
The
maximum
loan
amount
the
U.S.
Department
of
Veterans
Affairs
will
insure
varies
by
region.
There
is
no
restriction
on
the
purchase
price
as
long
as
you
have
the
cash
to
make
up
the
difference
between
the
loan
amount
and
the
purchase
price.
For
the
nearest
regional
office
of
the
U.S.
Department
of
Veterans
Affairs,
call
(800)
827-1000;
va.gov.
|
|
| Q:
|
Can
National
Guard
vets,
and
other
reservists,
get
VA loans?
|
| A:
|
The
Veteran's
Benefits
Improvements
Act
of 1994
gives
men
and
women
who
have
completed
six
years
in the
Army,
Air
Force,
Marine
Corps,
Coast
Guard
Reserves,
the
Army
National
Guard
or Air
National
Guard
eligibility
for
VA home
loans,
including
no-down
payment
programs.
If you
are
a reservist
or a
National
Guard
veteran,
you
can
receive
VA home
loan
benefits,
but
you
will
pay
higher
funding
fee,
up to
2.75
percent
of the
loan
amount.
If you
make
a down
payment,
the
fee
can
be incorporated
into
the
loan
amount;
www.homeloans.va.gov. |
|
| Q:
|
What
if a
VA loan
is foreclosed
on?
|
| A:
|
VA
loan
holders
who
suffer
a foreclosure
must
repay
the
full
debt
before
the
federal
agency
will
insure
another
loan.
People
with
concerns
about
a specific
loans
should
contact
their
lender
or the
VA directly
at (800)
827-1000.
|
|
| Q:
|
Do
all
loans
require
impound
accounts?
|
| A:
|
If
you
are
taking
out
a FHA
or VA
loan,
the
lender
can
require
an impound
account
to pay
real
estate
taxes
and
hazard
insurance
premiums,
as with
a standard
loan.
Most
conventional
loans
do not
require
an impound
account.
|
|
| Q:
|
What
are
rates
for
FHA
and
VA loans?
|
| A:
|
There
are
no set
interest
rates
for
FHA
and
VA loans.
The
FHA
stopped
regulating
rates
in 1983
and
the
VA followed
suit
soon
after.
Shop
around
for
the
best
rate.
|
|
| Q:
|
Who
can
get
a VA
loan?
|
| A:
|
Millions
of veterans
and
service
personnel
are
eligible
to participate
in the
U.S.
Department
of Veterans
Affairs'
Home
Loan
Guarantee
Program,
which
in most
cases
requires
no down
payment.
VA loans
can
be used
to buy
a home,
build
a home,
improve
a home
or to
refinance
an existing
loan.
After
issuing
a
certificate
of
eligibility
to
the
vet,
the
VA
guarantees
the
loan
to
the
lender
up
to
$203,000.
VA
loans
frequently
offer
lower
interest
rates
than
ordinarily
available
with
other
kinds
of
loans.
To
qualify
for
a
loan,
the
first
step
is
to
apply
for
a
Certificate
of
Eligibility
(complete
Form
26-1880).
Call
(800)
827-1000
for
more
information
about
VA
programs;
homeloans.va.gov.
|
|
| Q:
|
How
does
someone
qualify
for
VA loans?
|
| A:
|
After
issuing
a certificate
of eligibility
to a
veteran,
the
U.S.
Department
of Veterans
Affairs
guarantees
the
loan
to the
lender
up to
a certain
amount.
VA loans
frequently
offer
lower
interest
rates
than
ordinarily
available
with
other
kinds
of loans.
The
Veteran's
Benefits
Improvements
Act
of 1994
gives
men
and
women
who
have
completed
six
years
in the
Army,
Air
Force,
Marine
Corps
or Coast
Guard
Reserves
or the
Army
National
Guard
or Air
National
Guard
eligibility
for
VA home
loans,
including
no-down
payment
programs.
To
qualify
for
a
loan,
the
first
step
is
to
apply
for
a
Certificate
of
Eligibility
(complete
Form
26-1880).
Call
(888)
487-1970
for
more
information.
|
|
| Q:
|
Where
do I
get
information
on mortgages?
|
| A:
|
For
information
on mortgages,
check
out
the
following
sources
for
information:
* American
Bankers
Association;
1120
Connecticut
Ave.
N.W.,
Washington,
DC 20036;
(800)
BANKERS;
aba.com.
* Mortgage
Bankers
Association
of America,
1919
Pennsylvania
Ave.
N.W.,
Washington,
DC 20006-3404;
call
(202)
557-2700;
mbaa.org |
|
| Q:
|
Where
do I
get
information
on VA
loans?
|
| A:
|
For
information
on VA
loans,
call
the
U.S.
Department
of Veterans
Affairs
directly
at (800)
827-1000;
homeloans.va.gov.
Also
refer
to:
* "To
the
Home-Buying
Veteran."
* "VA
Home
Loans."
|
|
