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Q: |
What are VA
programs? |
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A: |
Veterans
Administration loans, which are available to veterans
and military personnel, are attractive because the buyer
is not required to make a down payment. The maximum loan
amount the U.S. Department of Veterans Affairs will
insure varies by region. There is no restriction on the
purchase price as long as you have the cash to make up
the difference between the loan amount and the purchase
price.
For the nearest regional office of the U.S.
Department of Veterans Affairs, call (800) 827-1000.
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Q: |
Can National
Guard vets get VA loans? |
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A: |
If you are a
National Guard veteran, you can receive VA home loan
benefits, but you will pay higher funding fee, up to
2.75 percent of the loan amount. If you make a down
payment, the fee can be incorporated into the loan
amount. |
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Q: |
What if a VA
loan is foreclosed on? |
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A: |
VA loan
holders who suffer a foreclosure must repay the full
debt before the federal agency will insure another loan.
People with concerns about a specific loan should
contact their lender or the VA directly at (800)
827-1000. |
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Q: |
Do all loans
require impound accounts? |
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A: |
If you are
taking out a FHA or VA loan, the lender can require an
impound account to pay real estate taxes and hazard
insurance premiums, as with a standard loan. Most
conventional loans do not require an impound account.
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Q: |
What are rates
for FHA and VA loans? |
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A: |
There are no
set interest rates for FHA and VA loans. The FHA stopped
regulating rates in 1983 and the VA followed suit soon
after. Shop around for the best rate. |
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Q: |
Who can get a
VA loan? |
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A: |
Millions of
veterans and service personnel are eligible to
participate in the U.S. Department of Veterans Affairs?
Home Loan Guarantee Program, which in most cases
requires no down payment. VA loans can be used to buy a
home, build a home, improve a home or to refinance an
existing loan.
After issuing a certificate of eligibility to the
vet, the VA guarantees the loan to the lender up to
$184,000. VA loans frequently offer lower interest rates
than ordinarily available with other kinds of loans. To
qualify for a loan, the first step is to apply for a
Certificate of Eligibility (complete Form 26-1880). Call
(800) 827-1000 for more information about VA programs.
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Q: |
How does
someone qualify for VA loans? |
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A: |
After issuing
a certificate of eligibility to a veteran, the U.S.
Department of Veterans Affairs guarantees the loan to
the lender up to a certain amount. VA loans frequently
offer lower interest rates than ordinarily available
with other kinds of loans.
To qualify for a loan, the first step is to apply for
a Certificate of Eligibility (complete Form 26-1880).
Call (800) 827-1000 for more information.
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Q: |
Where do I get
information on mortgages? |
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A: |
For
information on mortgages, check out the following
sources for information:
* American Bankers Association; (202) 663-5000.
* Mortgage Bankers Association of America, 1125 15th
St., N.W., Washington, DC 20005; (202) 861-6500.
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Q: |
Where do I get
information on VA loans? |
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A: |
For
information on VA loans, call the U.S. Department of
Veterans Affairs directly at (800) 827-1000. Also refer
to:
* "To the Home-Buying Veteran," Department of Veterans
Affairs; 810 Vermont Ave., N.W.; Washington, DC 20420.
* "VA Home Loans," Department of Veterans Affairs, 810
Vermont Ave., N.W., Washington, DC 20420.
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