Control your personal finance   free website content | contact | privacylink partners
Home » Loans
Money articles

» Personal finance
» Credit cards
» Saving money
» Debt elimination
» Budgeting
» Investing
» Business
» Real estate
» Making money
» Miscellaneous
» Career
» Loans
» Promote your business
» Insurance
» Bankruptcy

» Archive

What is a VA loan?

By Jakob Jelling
www.cashbazar.com

A VA loan is a special type of insurance that is available to veterans of the US Armed Services to allow them to purchase homes after active service. The Veterans Administration will guarantee that the creditor will receive a portion of the amount of money lend if you default on the loan. This guaranteed amount of money is called the entitlement.

To be available for a VA loan you must meet a few eligibility requirements. You must not have been dishonorably discharged and have severed at least 90 days in World War II, the Korean Conflict, Vietnam, the Persian Gulf War, Afghanistan or Iraq. Check the VA's web site to find out the range of dates for each of the conflicts. You also will qualify if you have 181 days of continuous peacetime service, if your were discharged due to a service related disability or if you have completed 6 years service in the Nation Guard or Reserves.

Once you have verified your eligibility and received your certificate of eligibility from the VA, you can begin shopping for your home. Your certificate of eligibility does not guarantee you will get a mortgage but it will make it easier to get one. There are a few restrictions as to the home that you can purchase. It must be in the US, be an existing single family home, townhouse in an approved project, a newly constructed home, a manufacted home with a lot or refinancing your existing home.

A VA loan can be a very good solution for many different situations. For example, no down payment loans are fairly common thus making it easier for veterans to afford homes. With a VA loan you do not need private mortgage insurance and there are no penalties if you prepay your loan. You may find it easier to a mortgage and at very competitive rates.

As you can see, a VA loan can be an excellent way for you to secure either a new home or refinance your existing home. After you have proven you eligibility you should have no problem finding a mortgage.

About the author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

Search CashBazar

Google
 
Web www.cashbazar.com


Latest money articles

» Controlling the price changes in futures markets
The lock-limit is one way that the markets can be controlled.

» How much will price changes effect stock trading?
Price elasticity is an economics term that refers to the way that price changes of stock can affect the demand for that stock.

» Large volume trading in steps
Program trading is a term that is also used in at least two different (though similar) meanings.

» How many stock options are available?
Open interests are not a feature of all stock market trades. In fact, open interests are calculated based on options and futures trades.

» Protect your portfolio from large losses
If you are worried about the stock market, then you might want to consider portfolio insurances.

» Insure your investment without limiting returns
Are you looking for a way to trade on the stock market without having to deal with all of the risks?

» Regional funds explained
Increase your portfolio diversity with funds from other regions.

» What is a derivative?
Invest in commodities without buying the commodities themselves.

» What is an option?
An option is an agreement that a commodity or stock will be available for purchase at a set date.

» Should I always pay a commission when buying mutual funds
There are three main types of mutual funds when it comes to commissions.

» Find the lowest risk investment portfolio
If you're trying to find a good investment portfolio, then you may want to look at the Treynor measure.

» The difference between PAX World Funds and The World Funds
The first type is purchased through the company PAX, and these funds focus on socially responsible companies.

» The Alpha factor explained
A new method of differentiating between different investments.

» How good is your planned investment
A company prospectus is a legal document that has been filed by the company that you might be thinking about investing in.

» How do I find the best investment advisor?
If you're looking for the best investment advisor for you, you should make sure that you pay attention to the type of investments that that advisor usually recommends.

» How to find the best full-service stockbroker - ask questions
Before you decide who you should choose for your full-service stockbroker, make sure that this is the best option for you financially.

» Investing in commodities
Investing in commodities is not too hard to do - the real problem comes in when you are trying to decide which commodities you should invest in, and when it is better to buy or sell a particular product.

» Don't wait to get your retirement payments!
If you're looking for an annuity, there are a variety of different annuities to choose from.

» Multisector bond funds explained
If you are looking to invest in bonds, but you are not sure that you want to deal with making all of the purchases on your own, bond funds might be the right option for you.

» Private annuity explained
The biggest difference between a regular annuity and a private annuity is that private annuities take place between two individuals, instead of between an individual and an insurance company.

» Avoid estate taxes with a life insurance trust
If you're looking for another way to insure yourself with a life insurance policy that will avoid any taxes after your death, then you should look into getting a life insurance trust.

» What is a Section 1035 policy exchange?
Don't lose insurance money when you change policies.

» Who should consider annually renewable term life insurances?
If you're looking for a good insurance policy, then you should probably take a good look at your financial situation, and at what you can count on being your situation in the future.

» Death benefit only plan explained
If you need life insurance, but you are not able to afford the regular price for life insurance, then you might want to look into a death benefit only plan.

» How to save money on your homeowner's insurance
In the case of homeowner's insurance, the most common way to reduce the amount of money that you will be paying each month is to increase your deductible.


Make money online

Please visit Sitetube.com and learn how to profit from your website.