Many Advantages of VA Home Loan

eBenefits.Va.Gov

The Veterans Administration of the United States of America, under the direction of the Department for Veterans Affairs, is the agency that awards benefits to veterans of the United States military. One of the best benefits available to military personnel, both active and retired, is the VA home loan.

100% Financing For Veterans

The VA home loan provides one hundred percent financing for certain members of the military, both past and present to purchase their home. You qualify for financing if you have been active in the military for 90 days during combat, or 180 days during peacetime for members of the Army, Navy, Air Force, and Marines.

Additionally, if you have served in the National Guard or Army reserve, you may qualify as well. If you are the surviving spouse of a military service person who has either died, is missing in action, or is a prisoner of war, you may qualify for a VA home loan under certain conditions.

Government Guaranteed Loans

The VA home loan is a government guaranteed loan. The government does not put up the funds to purchase your home, but it does guarantee repayment to the lender if you should default. This means that veteran borrowers can save hundreds each month because there will be no need to add mortgage insurance on top of the principle amount owed on your home because the loan bears the government guarantee of repayment.

Many Advantages Yield Huge Savings For Veterans

1) Among the many advantages of obtaining a VA home loan as opposed to traditional funding is that there usually is no down payment required. The VA will most often require no out of pocket expenses whatsoever when approving a veteran for a home purchase. The seller is allowed to pay the closing costs for you on your V.A home loan, which makes buying the home you need easier and more affordable.

2) Because the lender assumes a minimal amount of risk when writing VA home loans, the interest rate that you will be charged is nominal. In terms of interest, veterans save thousands of dollars over the life of their VA home loan by going with the VA as opposed to traditional funding sources. Furthermore, buyers with most credit types can be approved for VA home loans, because the Veterans Administration only looks at your past twelve months credit performance. eBenefits.Va.Gov

3) There is no prepayment penalty for VA homeowners who wish to pay out early, usually by selling their home. Your VA guaranteed home loan is also assumable, which means that if you do decide to sell your home, the buyer can assume your mortgage, which can be a big selling point with the low interest that you mortgage will carry.

4) You can choose your loan type when you take out a VA home loan, either fixed or adjustable rate. Many borrowers of VA home loans prefer the predictability of a fixed rate payment, while others go for adjustable rate mortgages because of the ultra low interest that is charged for the first few years. The VA leaves that choice up to you. eBenefits.Va.Gov

5) Worth noting is that if you have a service related disability, you may qualify for a grant to help make your VA home easier to access, according to your handicap. This grant does not have to be repaid and is up to $50,000 for additions such as wheel chair ramps, etc.

6) Many VA home loan servicers are offering their loan products online via user friendly websites. Applying for your VA home loan is easy, and you have the added luxury of completing your application from the comfort of your home.

Jessica Peterson is a Unsecured Personal Loan Consultant with more than twenty years of experience. For more information about Guaranteed Bad Credit Personal Loans, Guaranteed Credit Cards, Unsecured Loans, Fresh Start Loans, Debt Consolidation, Student Loans and others please visit YourLoanServices.com

Construction Jobs for Veterans

eBenefits.Va.Gov

“There’s definitely a need for people in the construction industry,” says Pete Chronis, president of Reece-Campbell, an Ohio construction company. He says many of the contractors his company works with are very worried these days about finding enough skilled workers in the training pipeline. “There is a certain amount of ruggedness required for these jobs. We need to make a bigger effort to glamorize and publicize jobs like these which involve working with your hands.”

For transitioning and unemployed Vets, now is the perfect time to get some training for a construction industry trades job. Jobs like electrician, carpenter, welder, plumber, and heating-a/c installer pay top dollar and – with the housing industry picking up, as it has been – employers are tearing their hair looking for qualified people. You’ll have few job worries plus a solid middle class income for as long as you work.

How do you get the training needed? The answer is via the Veterans Administration GI Bill OJT Program (“On the Job Training” Program).

With this program you’ll be able to work in the field you pick while at the same time completing your classroom study and training on the way to journeyman status..

Are You Qualified for the OJT Program?

The rule is simply this: if you are qualified for the GI Bill and you start a new job or apprenticeship program (for example, begin an accredited trade school course in carpentry), you can apply for the program. In some cases the V.A will even pay retroactively for OJT from the past 12 months. However you’re not permitted to receive GI Bill OJT benefits if you are already receiving GI Bill education benefits (for example, your in a college bachelor’s degree program). I’ll give info on how to get started in the program at the end of this article. eBenefits.Va.Gov

Types of Jobs

There are some great opportunities for Veterans out there if you don’t mind physical exertion (and, in some jobs, getting your hands dirty).

Training/apprenticeship usually ranges from a couple years to five years but once you’ve gotten your training you’re in a secure job that’s in-demand throughout the US and overseas as well. And best of all you can work while you’re getting trained.

Here are a few of the construction trades job –

Electrician – BLS predicts a 12% increase in electricians by 2018. Average income is $58,518.

Plumber – In high demand for new construction and ongoing maintenance. Average income is $51,369. eBenefits.Va.Gov

Welder – Welders are needed in office building construction but also in many other industries, such as autos and shipbuilding. Average income is $46,657.

Heating, air-conditioning and refrigeration mechanic. – Demand for HVAC mechanics and installers will increase by 26 % by 2018, says BLS. Average income is $54,366,.

Who’s Hiring

Who’s hiring Vets who participate in the VA OJT Program? Here are just a few of many major companies that participate:

Proctor & Gamble Co.

Merck Pharmaceuticals

Pirelli Tire Co.

Cessna Aircraft

Gulfstream Aerospace Corp.

Lockheed Martin

Bell South

Toyota

Comcast

Pratt & Whitney Engine Co.

Plus of course thousands of local/regional construction companies, and many other types of companies. Not to mention, of course, that you can go into business for yourself..

Getting Started

To get started contact your local VA Regional Office or local State Approving Agency (SAA). Your SAA will help you get started on the process and answer any questions you have about the VA OJT Program.

Joseph Ryan is editor of VeteranJobsGateway.com. Visit http://www.veteranjobsgateway.com for comprehensive resources and guidance on available jobs and today’s jobmarket for military vets.

The Advantages of a Veterans Administration Home Loan (VA Loan)

www.eBenefits.Va.Gov

Now more that ever many Americans have found themselves a little cash-strapped for many reasons usually related to these financially turbulent times. College tuition may be looming as children grow up, a home may need improvement to increase or sustain its value, or it may be time to make a high-ticket purchase. Many have found the cash relief they need by taking a debt consolidation loan. Some folks may have been watching home loan interest falling to surprising lows and want to take advantage of them so they can keep more money in their pockets on a month-to-month basis. If your nose is to wind for any of these reasons, it may be time for you to consider your options, to include refinancing your Veterans Administration Home Loan (VA Loan). www.eBenefits.Va.Gov

VA Loan Interest Rate Reduction Refinancing Loan

The Veterans Administration Home Loan division has erected a deal called the Interest Rate Reduction Refinancing Loan (IRRRL) to provide a way for those veterans and service members to lower their monthly interest rates with no out-of-pocket expenses. These loans do not require the rigamarole of starting a home loan from scratch and they are executed in a lot speedier fashion than a typical loan or refinancing application. This refinancing allows the borrower to get the lower interest rates available today rather than the high rates charged prior to the recession. One stipulation: this program is available only to those veterans and service members who are are redoing their ORIGINAL VA Home Loan and who are using their original eligibility to get a lower rate with a different lender.

No Out-of-Pocket Expenses

When investigating the IRRRL for a V.A Home Loan you will find the terms No Cost and Streamline. Basically, this means that you will not have to have cash to do the deed and that the process can be completed rather quickly. Refinancing always incurs extra fees and other costs. These can simply be added to the loan or the lender may be asked to cover those costs, but usually at the expense of a little higher interest rate. Still, the rates will be lower. To get the absolute lowest rate that you can get, you can get the market rate or actually buy down you rate and roll all the closing costs into the refinancing.

Use a VA Home Refinancing to Pull Out Home Equity

You may be overwhelmed with debt – a bunch of pesky little debts that have grown unmanageable. These debts will often include too much high-interest credit card debt. Debt consolidation can roll all those debts into one so that you have manageable payments less than the aggregate payment of all those loans, with an interest rate lower than all those loans, and all due at one time to one creditor. That right there makes restful nights possible. Of course, as mentioned, you may need the refinancing for school, home improvement or some other pressing need. What happens is the VA refinance transaction will pay off the current VA Home Loan with your new VA Home Loan and any cash left over can go into your budget for the appropriate application. This is typically called a Cash Out refinancing.

VA Home Loan Stipulations

Cash Out refinancing must be used only for homes that are a principle residence of the loan holder. This V.A Home Loan refinancing can go for up to 100% of the appraised value including all closing costs and other fees. No minimum time of occupancy is required, though your home must have enough equity left according to an appraisal done by a qualified VA Home Loan appraiser. www.eBenefits.Va.Gov

Sarah Dinkins is a financial advisor who has been associated with Unsecured Personal Loans since long ago. She also holds a master degree in economics from Harvard University. To find home loans with bad credit and other financial products visit BadCreditFinancialExperts.com

Veterans Home Loans Provide Excellent Opportunities for Veterans

eBenefits.Va.Gov

Those serving in the Armed Forces of the United States, or those who are veterans of that service, have an exquisite way to buy a home because of the care Uncle Sam bestows on those in uniform. These VA home loans are not handouts, the are rewards for service. These loans do not hand money to veterans, nor are they loans fomented by the government; they simply apply some rules that make it easier for the veteran or service member to realize the American dream of home ownership.

Rather than a cash grant or other similar transfer, the Veterans Administration puts a guarantee a Va home loans made by traditional financial institutions such as banks, credit unions or mortgage companies. The Veterans Administration underwrites these loans. Thus, should the home buyer default, the lender knows that the government will find the money to cover the cost of the loan. That is putting it simply, of course, but that is the base. This guarantee makes it more likely that the veteran or service member will be approved for the loan.

VA Home Loans Save Down Payments, Closing Costs

Va home loans save money for veterans and service members in that they replace the protection of a down payment that most lenders require with the protection of the full faith and power of the federal government. Unless the buyer opts to pay one, VA home loans require no down payment. Another way a veteran will see savings is that the government limits the amount of closing costs and all the other nit-picking costs and fees that a lender can charge a borrower. eBenefits.Va.Gov

Being overcharged with administrative fees is impossible. No up-front processing fees or other consideration fees can be charged. Closing costs become the expense of the seller. If some fees must be exacted on the veteran or service member taking the VA home loan, their amount is limited and are very much lower than found with non-VA home loans.

Lower Monthly Payments with VA Loans

The monthly mortgage payments for VA home loans are often considerably less than for standard home loans. A good part of the reason lies in the fact that no mortgage insurance is required. Mortgage insurance is another way lenders have of protecting themselves should a buyer default. With the government underwriting the loan, no insurance is required. There are restrictions on the rates of interest that can be charged.

Of course, with lower interest rates, monthly payments are lower. Another maddening fee that can beset standard home buyers is the pre-payment penalty. Why anyone would charge a fee for paying off a loan ahead of time is probably just an indicator of institutional greed. If a veteran has the money to pay off a loan before it has matured, he or she is not penalized for making good on the loan. eBenefits.Va.Gov

Bad Credit Borrowers Have an Advantage

Because of the governmental guarantees, veterans or service members can usually land a home loan. If the service member or veteran has been meeting their bill obligations for the past year to eighteen months, a VA home loan can still be approved. And interest rates for VA home loans cannot be adjusted due to credit ratings so they can remain reasonable.

Other Advantages of a VA Loan

If a veteran or service member choose to sell the home, the mortgage may be assumable by the buyer. The marketability of such a home is greater, making it easier for the veteran to sell. Appraisers for VA home loans must be picked at random rather than chosen by the lending institution. This makes it unlikely that appraised values will be skewed in favor of the lender. A veteran or service member has many advantages when it comes to buying a home. These advantages are rendered as a reward for service.

Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com