| 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. |
|