Property Requirements for VA Loans Infographic

If you are planning to apply for a VA mortgage, the department of Veteran Affairs has some minimum property requirements that need to be met first. Home hunters applying for VA loans won’t be approved if their chosen property doesn’t meet the basic minimum requirements set by the department of veteran affairs.

For more info about VA loans or for applying for VA loans, call All Western Mortgage on 702-850-2790 today or visit http://www.awmlending.com/loans-VA.php

VA Loan For Disabled Veterans Infographic

Did you know that as a differently abled veteran, you are eligible for special considerations and benefits while applying for VA loans? These special benefits, on VA loans for differently abled veterans, can save you a lot of more money. Let us enlighten you about these, so you can utilize VA home loans up to their full potential.

For more info about the benefits of VA loans, feel free to call All Western Mortgage on 702-850-2790 or visit http://www.awmlending.com/loans-VA.php

VA Loan For Disabled Veterans

Did you know that as a differently abled veteran, you are eligible for special considerations and benefits while applying for VA loans? These special benefits, on VA loans for differently abled veterans, can save you a lot of more money. Let us enlighten you about these, so you can utilize VA home loans up to their full potential.

1. The Funding Fee Gets Waived Off: 

If you are currently receiving disability benefits and haven’t closed on your home loan yet, you don’t have to pay your funding fee as it gets waived off. However, if you have closed on your VA loan before receiving disability benefits, then also there is no need to worry as you get a refund for the funding fee.

2. Grants for Specially Adapted Housing: 

Apart from getting the funding fee waived off and getting the home loan with 100% finance, a disabled veteran can also get the Specially Adapted Housing Grant (SAH) and the Special Housing Adaptation Grant (SHA) to install necessary accessibility modifications in his/her home.

3. Tax Credits and Exemptions: 

After using your veteran loans’ benefits to buy a house, you also become eligible for some extremely useful tax credits and exemptions. The Disabled Veterans Property Tax Exemption can substantially reduce the amount that you pay in taxes. But, the amount varies by state, so check with your local VA office to know more about your state-specific benefit. Or you can also call All Western Mortgage on 702-850-2790 for this information.

For more info about the benefits of VA loans, feel free to call All Western Mortgage on 702-850-2790 or visit http://www.awmlending.com/loans-VA.php

Property Requirements for VA Loans

If you are planning to apply for a VA mortgage, the department of Veteran Affairs has some minimum property requirements that need to be met first. Home hunters applying for VA loans won’t be approved if their chosen property doesn’t meet the basic minimum requirements set by the department of veteran affairs.

According to the rules set by VA, the property must be first evaluated by a VA appraiser and must be free from hazards and defects. Any issue that could affect the health of the future owners must be addressed before the loan gets passed.

Here are some minimum property requirements that need to be met before veteran loans can be approved:

Foundation: Foundation problems are a deciding factor for considering minimum property requirements. Any home with foundation problems automatically gets rejected for a loan by the VA.

Dampness: Excessive dampness in the home is another issue that poses a potential structural hazard and won’t pass the guidelines of VA.

Drainage: VA rules explicitly state that in order to get approved for a VA backed mortgage, a home must be properly graded in a manner that it has, “positive, rapid drainage away from the perimeter walls of the dwelling, and prevents pooling of water on the site.”

These factors directly affect the health and safety of the future occupants of the home along with the future value of the property. Any issue related to these factors might need to be addressed immediately if you want to get approved for a VA loan.

For more info about VA loans or for applying for VA loans, call All Western Mortgage on 702-850-2790 today or visit http://www.awmlending.com/loans-VA.php

3 Signs You are a Perfect Candidate for VA Loans

The VA Loans offer a tirade of benefits, like zero down payment, limits on closing costs and no private mortgage insurance (PMI). The VA backed loans are part of a benefits program, which has helped millions of army veterans and military persons buy their dream home since World War II.

But, these veteran loans are not the right option for every military personnel. Here are a few boxes that you need to check to know if you are the right candidate for a VA loan.

1. Eligibility: You need to meet certain requirements to be eligible for a VA loan. In most of the cases you are eligible if you meet any of the following conditions:

• A minimum of 90 consecutive days active duty during wartime
• A minimum of 181 consecutive days active duty during peacetime
• A minimum of 6 year service in the National Guard or Reserves

2. You Don’t Have Money for Down Payment: The best benefit of VA loans is that you don’t have to put any money down to buy a home. VA backed mortgages offer 100% financing as compared to conventional or FHA loans where you have to put up at least 5% or 3.5% of the purchase price as down payment respectively. Not to mention the burden of that pesky PMI. You also don’t have to worry about that with VA loans.

3. You’re Buying Your Primary Residence: You can’t use VA loans for buying a vacation home or an investment property where you won’t be living. However, you can buy absolutely any type of apartment or a condo with VA loans if you are planning to live in it.

  

Want to know more about VA loans or need help in securing one? Call All Western Mortgage on 702-850-2790 or click here.

VA Guaranteed Home Loans: What You Need To Know

VA Loans are home loans guaranteed by the Department of Veteran Affairs, but are offered by private lenders (banks, online private lenders etc.), to the eligible veterans. If you are eligible for a VA loan, you can either apply for it to buy a new home or you can also use it for refinancing.

The best part of these veteran specific loans is that there is no need to worry about a down payment for them because these loans offer 100% loan financing. However, funding fees and closing costs do apply and that needs to be paid up front.

The other benefits of a VA guarantee include securing a mortgage loan at highly competitive interest rates and the lender is protected against loss if you fail to repay the loan. It also allows veterans the flexibility to buy a great home which would not have been possible otherwise.

Specifically, VA loans help veterans in:

• Buying, building, repairing and refinancing a home
• Installing a solar heating or cooling systems along with other weatherization improvements
• Purchasing and improving a home simultaneously
• Refinancing an existing VA home loan to reduce the interest rate

Other VA safeguards for borrowers are:

• The VA can suspend lenders who take unfair advantage of the borrowers or deny the loan to eligible veterans on the basis of race, color, religion, sexual orientation etc.
• The VA instructs builders of new homes to provide a one year warranty to the buying veterans that the home has been built as per VA approved plans and specifications.
• The borrower who has obtained a VA home loan can only be charged the fees that the VA has deemed allowable.
• The borrower of VA loan can prepay the entire loan without any penalty.
• The VA encourages lenders to extend forbearance if a borrower is temporarily unable to meet payments or terms of the loan.

   All Western Mortgage is a VA approved online mortgage lender that has helped thousands of     veterans to buy their dream home. To apply for our   VA home loans, click here.