What is a VA loan????
There are many lending options available to someone looking to purchase a home. If you are a member of the military one of the options includes a VA loan. The VA Loan became known 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 owning a home became a reality for many families. The GI Bill contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation’s economy.
With more than 25.5 million veterans and active service personnel eligible for VA financing, this loan is attractive and has many advantages. One of the biggest advantages is that the VA loans can be used in combination with the recently extended $8,000 home buyers tax credit. The home buyers tax credit deadline has recently been extended until April 30th 2011 only for members of the military. The credit also includes a $6,500 home buyer tax credit for repeat buyers who have owned their home for more than five years.
Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable for at least 90 days of service during wartime or a minimum of 181 days during peacetime. If the veteran enlisted and began service on or after September 7, 1980 or was an officer and began service after October 16, 1981 there is a two year requirement. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.
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. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify with a VA approved lender for they are not automatically eligible for the program.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage loan companies to eligible veterans for the purchase of a home, which the applicant should use as a primary residence (no weekend homes). The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan, this enables banks to lend more freely because of the lower risk involved. The guaranty replaces the protection the lender normally receives by requiring a large down payment allowing you to obtain financing at favorable rates.
So if you are a soldier looking to purchase a home in the Lake Conroe area a VA loan just might be the right loan for you. Don’t forget to hit the Facebook “Like” at the top of the page. 
Information about the $8,000 and $6,500 home buyer tax credits extended for members of the military
Information about homes for sale in the Lake Conroe area
In: Home Loans, Lake Conroe Homes, lake conroe, mortgage, real estate · Tagged with: home buyer, home buyers, home loan, lake conroe, lake conroe home loans
on September 8, 2010 at 12:20 am
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