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VA loans are designed to provide assistance in purchasing a home for United States Veterans. A benefit of a VA loan is that you can purchase a home with no down payment. In addition, it is slightly easier to qualify for a Veterans Affair loan when compared to a regular loan.
Many people for who actually qualify for a VA Loan are not aware of it. If you would like to learn how to get approved for this type of Loan or to find out whether you qualify for one, you may speak with a mortgage specialist by calling 727-538-9295
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Wartime |
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Service during:
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WWII |
09/16/40 to
07/25/47 |
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Korean |
06/27/50 to 01/31/55 |
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Vietnam |
08/05/64 to
05/07/75 |
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Persian
Gulf |
8/2/90 to
undetermined |
You must have at
least 90 days on active duty. Plus, you must have been
discharged under other than dishonorable conditions. If you served
less than the standard 90 days, you may be eligible if discharged
for a service connected disability.
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Peacetime |
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Service during periods:
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07/26/47 to
06/26/50 |
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02/01/55 to 08/04/64 |
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05/08/75 to
08/01/90 |
To qualify for a
VA
Loan, you must have served at least 181 days of
continuous active duty. Plus, you must have been discharged
under other than dishonorable conditions. If you served less than
the standard 181 days, you may be eligible if discharged for a
service connected disability.
VA Loan Information -
800-691-0454
Other questions about VA
Loans:
| 1) Is the
spouse or children of a veteran eligible? |
| A spouse is eligible if the
veteran died as a result of a service connected
disability or died while on active duty. The children
are not eligible. |
| 2) Who
makes the loans? |
| Private lenders make the
loans. However, the VA guarantee protects these lenders
against loss. The guaranty will allow lenders to make
loans without other requirements (for example, a down
payment). To find out what lenders have the best VA loan
programs, you may call
800-691-0454. |
| 3) Can I
get a VA loan if I have been foreclosed on in the past? |
| Yes. The best way to find
out how to qualify for this is to contact a mortgage
specialist. They can give you advice on what you can
do to ensure you can qualify for a
loan. |
If you are considering a VA Loan, remember that there are still a
variety of different mortgages. A mortgage
broker can be a useful tool to help find the most appropriate
mortgage for your purchase. If you plan on living in your home for a
long period of time, you may want to consider the traditional
fixed-rate 15- or 30-year loan. Another option is to choose an
adjustable rate mortgage and consider refinancing again in a few
years. Short-term mortgages include balloon mortgages and one-year
adjustable rate mortgages.
Get more VA eligibility
information.
New!
The VA is now offering VA adjustable rate mortgages. Click above to see if you qualify for a 3yr or 5 yr ARM. If you do NOT plan to stay in your home for a long time, the ARM may be best for you. The VA Adjustable Rate Mortgage is fantastic for anyone who does not plan on staying in their home for more than 5 years. It will help save you a great deal of money because the interest rates are generally much lower.
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