| Q: |
What are VA programs?
|
| A: |
Veterans
Administration loans, which are available to veterans and military
personnel, are attractive because the buyer is not required to make a down
payment. The maximum loan amount the U.S. Department of Veterans Affairs
will insure varies by region. There is no restriction on the purchase price
as long as you have the cash to make up the difference between the loan
amount and the purchase price.
For the nearest regional office of the U.S. Department of Veterans
Affairs, call (800) 827-1000. |
|
| Q: |
Can National Guard vets
get VA loans? |
| A: |
If you are
a National Guard veteran, you can receive VA home loan benefits, but you
will pay higher funding fee, up to 2.75 percent of the loan amount. If you
make a down payment, the fee can be incorporated into the loan amount.
|
|
| Q: |
What if a VA loan is
foreclosed on? |
| A: |
VA loan
holders who suffer a foreclosure must repay the full debt before the federal
agency will insure another loan. People with concerns about a specific loan
should contact their lender or the VA directly at (800) 827-1000.
|
|
| Q: |
Do all loans require
impound accounts? |
| A: |
If you are
taking out a FHA or VA loan, the lender can require an impound account to
pay real estate taxes and hazard insurance premiums, as with a standard
loan. Most conventional loans do not require an impound account.
|
|
| Q: |
What are rates for FHA
and VA loans? |
| A: |
There are
no set interest rates for FHA and VA loans. The FHA stopped regulating rates
in 1983 and the VA followed suit soon after. Shop around for the best rate.
|
|
| Q: |
Who can get a VA loan?
|
| A: |
Millions
of veterans and service personnel are eligible to participate in the U.S.
Department of Veterans Affairs? Home Loan Guarantee Program, which in most
cases requires no down payment. VA loans can be used to buy a home, build a
home, improve a home or to refinance an existing loan.
After issuing a certificate of eligibility to the vet, the VA guarantees
the loan to the lender up to $184,000. VA loans frequently offer lower
interest rates than ordinarily available with other kinds of loans. To
qualify for a loan, the first step is to apply for a Certificate of
Eligibility (complete Form 26-1880). Call (800) 827-1000 for more
information about VA programs. |
|
| Q: |
How does someone
qualify for VA loans? |
| A: |
After
issuing a certificate of eligibility to a veteran, the U.S. Department of
Veterans Affairs guarantees the loan to the lender up to a certain amount.
VA loans frequently offer lower interest rates than ordinarily available
with other kinds of loans.
To qualify for a loan, the first step is to apply for a Certificate of
Eligibility (complete Form 26-1880). Call (800) 827-1000 for more
information. |
|
| Q: |
Where do I get
information on mortgages? |
| A: |
For
information on mortgages, check out the following sources for information:
* American Bankers Association; (202) 663-5000.
* Mortgage Bankers Association of America, 1125 15th St., N.W., Washington,
DC 20005; (202) 861-6500. |
|
| Q: |
Where do I get
information on VA loans? |
| A: |
For
information on VA loans, call the U.S. Department of Veterans Affairs
directly at (800) 827-1000. Also refer to:
* "To the Home-Buying Veteran," Department of Veterans Affairs; 810 Vermont
Ave., N.W.; Washington, DC 20420.
* "VA Home Loans," Department of Veterans Affairs, 810 Vermont Ave., N.W.,
Washington, DC 20420. |
| |
