VA Loan Eligibility Reviews - What Is It?
WARNING: DO NOT BUY VA Loan Eligibility Until You Read This Review!
Is it a Scam? Does It Really Work?
Before discussing VA Loan Eligibility, it is important to take a look at what VA loan is. Well, this is a mortgage loan that is backed by the Department of Veterans Affairs (VA) for people who have served or are currently serving in the U.S. military. The VA does not lend money for VA loans, but it backs loans made by private lenders (mortgage companies or banks) to active military personnel, veterans, and military spouses. There are three types of VA loans: interest rate reduction refinance loans (or IRRRL, or a VA streamline refinance loan), purchase loans, and cash-out refinance loans. A VA loan has a number of benefits, but probably the biggest one is that no down payment is required to buy a home. This can make home ownership a reality for active military people and veterans who might not be able to afford it in any other way.
VA loans are created for veterans, military personnel, and military families. The list of people who are eligible for this opportunity to buy a home also includes active-duty personnel, National Guard members, reserve members and some surviving spouses. Beside, you must have sufficient income, suitable credit, and a valid Certificate of Eligibility (COE). You must also use the home you are buying for your own personal occupancy. If you are unsure in your VA Loan Eligibility you are free to check the Department of Veterans Affairs website for more information about the eligibility requirements for veterans, military service members, and military spouses. These VA Home Loans provide the ability to buy or refinance a home with competitive rates, $0 money down, and no monthly mortgage insurance. These advantages, as well as flexible credit requirements, make it possible for homebuyers to survive in a tight lending sphere.
Customer Reviews - Does VA Loan Eligibility Really Work?
The VA loan program is associated with a long list of benefits, which we have taken from the Veterans Affairs website. VA Loan does not require any down payment (unless required by the lender when the purchase price is higher than the VA loan limits). The interest rate is competitive and negotiable. The individual is provided an ability to finance the VA funding fee (plus lowered funding fees with a down payment of 5% and exemption for veterans receiving VA compensation). Closing costs may be paid by the seller and are comparable with other financing types. VA rules limit the amount you can be billed for closing costs. The mortgage is assumable. The VA loan program does not require any private mortgage insurance premiums. You can prepay your mortgage without penalty. One can get a warranty from builder and help from VA to receive cooperation of builder for homes inspected by VA during construction. Veteran borrowers in default can get VA assistance due to temporary financial difficulty.
Let us take a look at the basic VA Loan Eligibility requirements but it is always better to talk to a VA-approved lender to find out if you qualify. The first step involves reviewing of VA Loan Service requirements. People eligible for VA Loan benefits include individual who are serving or have served in the US military for one the next time periods: 6 years of service in the Reserves or National Guard, 181 consecutive days of service during peacetime or 90 consecutive days of service during war time. Service members' spouses may also apply if they have not remarried. The second step presupposes finding out what you qualify for. Even if you meet one of the requirements, you are still recommended to contact a Home Loan Specialist and prequalify for your loan. It is a vital step that will provide you with a broad estimate of the sum of money you can afford or whether you qualify at all. This stage is completely free and is not linked to any obligation. You'll be connected to a Home Loan Specialist who will inform you how to maximize your VA benefits.
There is a great number of people who have faced VA Loan Eligibility in their real lives and shared their experience in their testimonials online. Fortunately, most of them stayed very happy with the loans because they received an opportunity to buy a house of their dream. These are people who really deserved this. Let us take a look at some of these reviews. One man writes that he was highly pleased with the communication process, which made the process of buying home easy and smooth. They were provided all the necessary documents and explained the vital details. The man says that it was one of the best home buying experience he has ever had in his life. Another client reports that the company's team worked perfectly to ensure a smooth closing. They made getting their house an interesting adventure, like it should be! He says that if you use this company you are one step ahead of other people buying a home at the moment. The customer feels very thankful to the guys for everything they have done for his family. The man does recommend them to everyone he works with. Another veteran tells in his testimonial that it was very pleasant to work the VA Loan team. He is completely satisfied with his experience saying that the staff's knowledge of everything was just perfect. It was an easy process. The company's representatives were always available whenever the client had any questions and they always had the answers. The man's family are grateful and blessed to have bought a home with them. Here are some of the actual customer reviews found on third-party websites.
"I am a veteran and I am satisfied with VA Loan Eligibility and the whole process of buying a home. The company's reps took control of the process and lead me step by step throughout my home-purchasing adventure. If you are buying a home for the first time, you should be sure that they are the team you need to work with. They know exactly all the ins and outs of the process as long as how to please their client. Be sure that your home-buying process will go as smoothly as possible."
"I had positive experience with VA Loan Eligibility. The company's representatives, Rick and Lacey, helped my mother to get into her new house by the beach in Florida. They assisted me on every step of the way and I am so thankful to them and the whole team! Lacey told me about every document required for the process and Rick reassured me that everything was fine in our VA loan process. It took an additional week to close but it saved my mom $1000. Both of us thank you a lot!"
"VA Loan Eligibility is just fine. In fact, it was my second VA home loan. My first experience was terrible because the lender was disorganized and there were a lot of obstacles on the way. After waiting at the company for hours, we hardly closed on our home to avoid a serious storm. Even though this is a large company, its representative, Bryan, showed me that even being a busy company, they appreciate each of their clients. There are no negative things about this company."
My Final Summary
Summing everything up, it should be noted that the VA loan program offers flexible and attractive loan benefits which are exclusively for veterans, military personnel, and their families. Probably, the two biggest benefits are that the borrower does not need to make a down payment, and the fact that the private mortgage insurance (PMI) is not required. The company appears to work well to help its clients buy a new home through an easy and smooth process. Based on the general positive customer reputation, this is an amazing company to work with! The clients receive all the needed support, which makes the process very quick. Getting a new house is always a blessing but there are certain VA Loan Eligibility requirements. Lenders need to ensure that a potential homebuyer has reliable employment and is likely to have it in the future. Thus, one should have at least two years of steady employment. With all this in mind, we highly recommend using this company to buy your new home.
VA Loan Eligibility Pricing and Rates
According to the VA official website, there is no maximum amount of money that an eligible veteran may get using a VA-guaranteed loan but there are county limits that are used to calculate the maximum guaranty amount for a definite county. It means that there is no limit to how much your new home may cost, but the VA has limits on the amount of liability it will assume. This my influence the amount of money you will be able to borrow. Eligible military personnel or veterans can get loans up to $417,000 without money down. This number can be higher in some counties with a higher cost of living. You can take a look at the list of county limits for VA loans on the official site.