VA Loans, A Gift from Uncle Sam

Uncle Sam has a gift for the men and women who serve our country. It is the VA loan. The VA loan, short for Department of Veterans Affairs home loans, is available to veterans, active service members, reservists, and members of the Public Health Service. These loans are so popular, that in the past fiscal year alone, Uncle Sam has guaranteed 300,000 VA loans totaling more than $38 billion.

Why are these loans considered a gift to our servicemen and women? Because VA loans require no down payment and are available from most lenders. Additionally, the government limits the amount of closing costs, origination fees, and appraisal fees. Because VA loan rates generally run the same as conventional rates, skipping the down payment is a big advantage. Not surprisingly, about 91 percent of VA buyers do just that.

Best of all, there is no private mortgage insurance (PMI) because the government prohibits lenders from requiring it. Not having PMI is a considerable cash savings for a borrower. For example, on a $126,000 loan, PMI would run approximately $40 to $64 a month for the first three to five years of a 30-year loan. The total savings? $1,440 to $3,840.

* QUALIFIYING - VA loans are available for active and former members of the armed forces who have a specific length and time of service and discharge conditions. Reservists and National Guard members may be eligible if they served at least six years and received an honorable discharge. Veterans discharged for a service-related disability are potentially eligible, as are some members of the Public Health Service and foreign veterans who served with the Allied forces during World War II. Additionally, a widow or widower may also apply for a loan, provided the spouse’s death was service related. MIA and POW spouses may also qualify.

Applying for a VA loan is no different than applying for a conventional loan, except that one needs to obtain a certificate of eligibility from the VA. Not only are VA loans easy to get, Uncle Sam has made it even easier this year. The actual loan process takes about two to six weeks, the same time as a conventional loan.

Yet the greatest gift of all remains the fact that VA loans allow a buyer to purchase a home without investing a down payment. And that is a very good gift indeed.

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San Francisco County, Alameda County, Contra Costa County, Solano County, Santa Clara County, San Mateo County, Napa County, Sonoma County, Sacramento County, El Dorado County, Merced County, Oakland, Bay Area, Real Estate home loans , San Francisco Real estate loans by Jeff De Loyola of JFrank Capital Mortgage a San Francisco, Oakland, USDA 100% Guaranteed Real Estate Home Loan Specialist. San Francisco refinance, Oakland refinance, Oakkland Mortgage company specializing in Real Estate Home loans in (Oakland & San Francisco real estate loans),San Francisco, Oakland Mortgage refinance loans, Bay Area Home Equity Loans, Commercial financing. Call us ext. 101 or for pre-approval or FREE estimate or Apply Online

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