Buzz About Sacramento: Best Home Loan For Veterans

The federal government offers many grants to help citizens fulfill all their basic needs. The home loan grants have seen great success with many people utilizing this free government money to buy a home and improve their standard of living. Of the numerous government grants, the VA and FHA mortgage loan programs are backed by the federal government. These home loans help people to buy new homes or keep their old ones by providing manageable and lenient terms when compared to private mortgage loans.

The VA and FHA loans are home loans with similar terminologies but have a few differences. The obvious difference between the two is that VA loans are especially for the veterans. Other differences include qualifying requirements, loan limit, down payments and fees. You can decide whether VA or FHA is suitable to your advantage by analyzing the benefits of both.

Veterans or active military persons should have served for a certain period, to be eligible for the VA home loans. To obtain a VA loan, veterans are to produce the Eligibility Certificate. This certificate will show what privileges the veteran is eligible to in the VA Grant Program. The privilege offered is the mortgage percentage that will bestowed upon each veteran. Non veterans who seek home loans cannot qualify for the VA Home Loan Program and must consider the FHA Home Loans.

Non VA loan seekers are those who are not a part of the military services or have not acquired sufficient service period. In either case, the personnel are backed by the federal government’s FHA Home Loan Program to support their mortgage need in buying a home. Citizens have the following advantages of FHA loans over loans obtained by private lenders:

· A down payment as low as 3%

· Considerably low closing expenses

· Qualifying standards are more lenient

· Low cost advices on home buying, renting and other mortgage related issues by HUD approved counselors.

The FHA loan is also made available to veterans who do not satisfy the requirements of a VA loan. The benefits of FHA loans are similar to that of the VA loans. Nevertheless, VA loan program offers mortgages with zero down payments and complete refinancing. Loan limit for this loan varies between states. Verify the loan limit in your state by researching on the state website. Some of the other benefits of the VA loans are:

· Pre-payment has no penalty

· Income and credit requirements are less strict

· The interest rates are negotiable

· Closing costs are lower when compared to other loans

· The mortgage is assumable.

When purchasing a home, it is very essential to understand the advantages of both these loan programs to make the most appropriate choice to suit your need.

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