The following information will lead you to the next steps to apply for this benefit.
Application Process
Contact a lender to discuss qualifying for the VA loan. The lender
will make sure you meet basic program requirements, including the following:
- The loan must be for the home you will
live in.
- The home must appraise for the
loan amount or higher.
- You must have
enough income to meet your monthly mortgage payments, maintain the home,
take care of other debts and obligations, and still have enough money left
over to cover day-to-day expenses (food, gas, etc.)
- You must also have a good credit
history.
You may also wish to use the
VA Home Loan website at http://homeloans.va.gov/veteran.htm as a reference
point on how to use the program or for other more specific questions that
you may have about the program.
Please
note that if you are interested in obtaining an Adjustable Rate Mortgage
(ARM) loan, that the loans are being offered as a traditional 1 year ARM and
also as hybrids with 3, 5, 7 and 10 year fixed rates, where
available.
NOTE: If you plan to stay in
your home for longer than the fixed rate period, an ARM may not be in your
best interest.
It is a good idea to use
a mortgage calculator to determine what the best loan, term and interest
rate are for you and your family.
Program Contact Information
For more information on this program, please
visit:
http://www.homeloans.va.gov
Please contact a Regional Loan Center
if you have detailed questions:
Http://www.homeloans.va.gov/RLCWEB.htm