As an approved lender for the VA Home Loan Guarantee Program, U.S. Bank can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don't meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.
> Benefits and Considerations
* Low or No Down Payment
A VA mortgage loan requires little or no money down at closing - a valuable benefit that's unique to the VA home loan program.
* Lower Monthly Payments
Because the VA guarantees a portion of your loan, you won't need to pay mortgage insurance premiums - a significant monthly savings.
* Simplified Approval Process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.
Reference Link: http://vastreamlinemortgage.net/loan-process/
Web Reference: http://fhamortgageinfo.com/
We have the lowest requirements to qualify:
>Be a citizen of the US 18+ y.o.
>Have a verifiable form of income.
> Have an active checking account.
Bank of america va loan pre approval - http://loans.bankofamerica.com/en/articles/government-loans-
Bank of america va loan credit score requirements - http://valoanguidelines.org/credit-score-requirements/
It's not necessarily that it's hard to find homes that will accept VA, as it is an issue with competition from cash and conventional buyers or the home's condition not being able to be appraised for VA.
Cash sales typically offer the fastest close and potential problems from appraisal, such as an inoperable HVAC, pool, or other items. That can push back conventional, VA, and FHA offers.
It isn't impossible by any means, but you do have to be aggressive and make sure you're looking at all the opportunities that are available. With sales these last few months often topping those from the boom record years, you do have to be persistent in your home search, and why having a hard working agent can be a plus.
Hope that helps, and if you have any other questions, just get in touch.
I just recently closed a VA loan and it was actually a very smooth deal. As long as you can get the seller (most likely a bank) to agree to VA financing you should have no problems w/a VA loan. The offer must be written correctly to gain the seller's (bank or REO MGR.'S attention. If you're not working with a Realtor exclusively, please call me and I will be happy to help you find a perfect home. You can also search my website at:
John A. Brassner, MBA, REALTORÂ®
Residential and Commercial Real Estate
Prudential Americana Group, REALTORSÂ®
10777 West Twain Ave, Suite 105
Las Vegas, NV 89135
Realty One Group