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Facts And Information About VA Disability Loans

By Ronald Foster

Veterans and persons currently serving at the military who are considering options for financing their homes ought to look into VA loans. Owing to the service of such people to the United States, they have earned the privilege of getting certain benefits. One of the benefits they get is to get VA mortgages for their homes. The mortgage has many benefits that traditional mortgages do not come with. VA disability loans have many advantages.

The loans will save borrowers money. They will not require down payment in addition to the fact that there will not be mortgage insurance. These are the two main advantages that will save borrowers lots of money. No down payment is especially important for first time buyers who may not have enough money to buy a new house. The fact that one does not have to pay mortgage eliminates home-related expenses.

Some costs that come with the loans are able to be financed such that the borrower does not have to pay a lot of money up front. The loans are normally guaranteed by the Department of Veteran Affairs which is why the interest rates are low. This further saves money on rates paid monthly. In addition, qualifying for the loan is easy because borrowers are not required to have large incomes or high credit scores.

The department of veteran affairs will have the requirement that the individual has credit history of at least a year. That aside, they must meet minimum residual income such that it is possible that they make monthly payments required of them. Usually, the residual income depends on regional location, family size and amount of the loan. For a borrower to be eligible for the financing, the person must not have left the military dishonorably.

As concerns the refinancing of the loans, there are many options. Most borrowers refinance so that interest rates are lowered. This mostly happens when the market has changed and the values of homes have increased. The borrowers can refinance to be able to change terms of the loan. This includes change of time frame of the loan. It can also be done to switch from adjustable rates.

Refinancing is also done for consolidation of the debts or to receive cash back for any other expenses in case they have enough quality. The money that they receive may be used for settling personal expenses. In addition, potential borrowers are able to refinance non-VA loans to VA ones so that they take the advantage of the many benefits.

For the case of veterans disabled when they are in service, they are eligible for additional benefits. There will be waiving of funding fees. Depending on which state one is coming from, they might not pay property taxes. This will save lots of money. There are instances in which the disabled are given grants.

You will need to speak with loan specialists. It is always important to take advantage of the facility. It brings much needed relief.

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