Information On VA Home Loans

For those men and women who have served our country (and we thank you all for your services!) who wish to buy a house a VA loan can make doing so incredibly easier and simpler than getting a traditional loan from a financial institution. A VA home loan is a mortgage loan guaranteed by the U.S. department of Veteran Affairs and issued by qualified lending institutions, like Alterra Home Loans

VA mortgage loans are specifically given to veterans, and in some case the spouses of those service men who died in action. These loans are not meant for nor are they given to the general public.

Features Of VA Home Loans

VA home loans has many features that you will not find in other types of home mortgage loans. Some of these features include:

• Only for eligible veterans or eligible spouses of veterans
• No down payment is required for the home purchase
• Funding fees for this loan runs between 0% and 3.15 % can be included right into the mortgage payments
• VA mortgage loans insures mortgage payments where the monthly loan payments are up to 41% of the borrows gross monthly income (as compared to 28% on standard loans.)
• Low mortgage rates
• Easy to make changes to the mortgage terms
• Taxes and insurance are included in the monthly payments
• Of course there are also loan limits but these may vary depending on what the home values are where you are purchasing the home.

Benefits of Va Loans

As you can see from the features of these VA mortgage loans they offer many benefits to qualified veterans at anytime but, especially right now when the economy is so poor. VA loans are based on the amount of time each individual has served and their ability to pay. The really great things about these loans is that you need absolutely no money down which means that you can save all that rent money and use it towards your home payment rather than scrimp and save for years trying to get enough money saved for that 25% down payment.

With low mortgage payments on these VA home loans you can more easily make your payments and still have money left over to feed your family. However, keep in mind that the lower your mortgage payments are the longer you will be paying on the loan.

VA loans may be the best opportunity that those veterans who qualify have of buying a home especially in this economic environment.