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Veterans Association House Loans
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VA home loans or veteran affairs home loans are a special type of home loans introduced with the objective of providing financial assistance to veterans of the US Armed Services so that they can realize their dream of owning a home.
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Advantages of VA Home Loans:
- These loans are offered at 100 percent financing and require no down payment.
- Borrowers are not required to pay any penalties in case of early repayment of the loan
- Interest rates are low on these loans and repayment terms are flexible
- There is no requirement of private mortgage insurance (PMI).
- All the closing costs are paid by the seller.
- Houses offered under VA home loans are guaranteed by the builder.
Eligibility:
All the war veterans who had safeguarded the dignity of the country during the World War II, Korean Conflict, Vietnam War, Persian Gulf War and the Afghanistan War are eligible for these loans. Also armed personnel who have served for at least 181 days on any peace mission and were discharged honorably are eligible for VA home loans. Reserves and National Guard members, who have completed six years of service and were honorably discharged, can also apply for this type of home loan. Even spouses of eligible war personnel who have died at the time of service and those who are listed as prisoners of war are eligible.
VA home loans can be used for buying single family residences, condominiums, home refinances, and home improvements or for constructing a new residence. An applicant needs to furnish a certificate of eligibility so as to obtain a mortgage loan. It is also important that the applicant ends up becoming the primary resident of the home.
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