Buzz About Sacramento: Are you VHA loans

Another attempt by the federal government to help people have a home of their own is the VA loans program. The Veteran Affairs (or VA) loans are mortgage loans given by the Department of Veteran Affairs of the United States. This loan can be offered by any private lender.

The mission of this program is to help veterans and active duty personnel to purchase and retain homes as recognition of their services to the Nation. The prime intention of a VA loan is to help veterans or spouses (who do not remarry) purchase property without making any initial down payment.

A VA loan is applicable only to a specific group of citizens, the veterans who have or are serving the country. VA loans allow the veterans to receive complete financing without any private insurance. The VA funding fee of around 3.3% can also be financed.

Veterans can avail VA loans for amounts more than what a traditional loan can offer. VA insures an interest where monthly payments are more than 40% of their monthly income.

The Veteran Administration is allowed to insure home loans or business loans offered to veterans. The VA is also eligible to offer direct loans for purchase or construction of residences, repair, alter or improve their present homes.

The 1970 amendment has made VA loans available to even mobile homes.

The government does not directly issue loans. The VA guarantees loans offered by mortgage lenders after veterans have made their arrangements for loan. The Veteran Administration has all the rights to question the property and guarantee the lender about not losing the principal only when satisfied with the risks involved.

The VA funding fees are financed directly up to a fixed loan amount. If the property price is more than what is fixed, either the sellers or the borrowers should make the payments out of their pockets. All VA loans would need an account for property tax and home owners insurance that make monthly payments.

VA loan programs offer interest rates that are below market standards. This means lower monthly payments and huge savings over the life span of the loan.

Unlike FHA loans that are available to everybody, VA loans are available only to veterans and duty personnel belonging to government services.

For additional resources and information please visit the following sites.

Resource Links:

http://www.gmacrealestate.com

Bill Fields All Star Coaching Program: http://www.AllStarCoaching.net
GreatWest GMAC Search all MLS Listings: http://www.LocalHomeLink.com
GreatWest GMAC Consumer Buyer/Seller Blog: http://www.GreatWestBlog.com
T. Sami Siddiqui (Broker/ Owner) Buzz About Sacramento Blog: http://www.samisiddiquiblog.com
Brodie Stephens (Executive Vice President) One Stop Blog: http://www.brodiestephensblog.com
GreatWest Podcasts- Weekly Updates on new REO, Short Sale, Bank Owned Foreclosure Listings: http://www.HouseTalkOnline.com
GreatWest Videos: http://www.youtube.com/brodiestephens
Facebook Brodie Stephens Profile Page: http://www.facebook.com/brodiestephens
Facebook GreatWest Profile Page: http://www.facebook.com/searchmlshomesforsale
MySpace Brodie Stephens Blog: http://www.myspace.com/brodiestephens
MySpace GreatWest Blog: http://www.myspace.com/greatwest
Picasa Web Album: http://picasaweb.google.com/brodiestephens
GreatWest Real Estate Careers- GMAC is looking for Professional Realtors to Join Us: http://www.CareersWithUs.com
Global Employee Relocation: http://www.employeerelocation.blogspot.com
Apply for a Loan: http://www.choice1funding.com