Livonia, MI (Vocus) May 14, 2010
Due to significant changes in the current mortgage market, which have tightened mortgage guidelines, a number of veterans and active military members are taking advantage of their VA home loan benefits. In fact, the number of VA home loans has increased more than 30 percent from last year.
Since the end of World War II, more than 14 million veterans and military service members have found the home of their dreams with the aid of VA loans, which offer competitive rates with no down payment requirement. This allows more service members to afford to buy or refinance a home, something that’s difficult for many consumers in today’s market. Veterans and service members can get a loan with no down payment for mortgages up to $729,000, and if they choose – even higher loan amounts can be secured with a small down payment.
VA loans also eliminate private mortgage insurance, also known as PMI, and prepayment penalties. With VA loans, obtaining qualification is often easier than with a conventional loan. This is due in large part to relaxed credit requirements that are set by the Veterans Administration. If during the life of the loan service members experience temporary financial difficulties, the VA also provides assistance.
Add this to the option to roll the VA funding fee into your loan and the fact that sellers can pay all closing costs, it’s clear to see why VA loans are very attractive to veterans and service members. Also, the VA loan funding fee is waived for disabled veterans seeking a mortgage or home refinance.
It’s important to note that the VA does not actually offer loans; rather it insures the loans that are written by banks and mortgage companies. Quicken Loans has an exclusive and simplified mortgage process that will allow for veterans and service members to get VA loans. Our online process allows you to access mortgage documents on the Internet and follow the process from the comfort of your own home. Quicken Loans’ VA loans give you options and flexibility, and an experienced QL home loan expert is specially trained and can help you get maximum home buying power.
VA home loans are provided to eligible veterans, service members and surviving spouses only.
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