Are you qualified for a VA home loan?

If you are currently in the military or you are an honorably discharged veteran or the surviving spouse of a reserve or National Guard member, you may be able to qualify for a VA loan to purchase your home. VA loans are highly desirable loans to purchase a home, for a variety of reasons. VA loans are capped out based on the limits that the government will loan in a particular area, however that limit can be as high as $417,000.

If you're interested in a VA loan there are a few other acquirements beyond being current or former military including your credit score, your income and debt ratio, any past bankruptcies and the same verification process that non-VA loans must go through.

The first step if you are interested in obtaining a VA loan is to get your certification of eligibility. You need to complete this step in order to become pre-qualified with any bank or mortgage company.Once you receive your certification and your pre-qualified your lender can help you understand the other requirements placed on you with a VA home loan including the requirement that you reside in the home.It's well worth any red tape you have to go through for a VA loan although your mortgage company can do a lot to make the process as easy and seamless as possible. A veteran's home loan allows you to purchase a home with no money down and 100% financing.

Even in the wake of the massive home foreclosures that flooded America and a weary home real estate market, you will find bargain priced homes that are well worth looking more closely at. This is a good time to venture back out into the real estate market is because home prices have never been lower and with a VA loan you can get a lot more house than ever before.

Once you decide you want to buy a home and you meet the veteran requirements to purchase your home to the VA loan program, your next step will be to determine where to go to begin the loan process. You can get your loan through two different places including a bank or a mortgage company. If you choose a mortgage company they will work with you and a multitude of banks to find you the best loan possible. But a VA loan requiring no money down and 100% financing, it's fairly easy a lender to get you a good deal and low interest.

When you're trying to decide which lender is better to go to you have several different options available. Unlike banks which are corporate owned and generally large and can be unfriendly and hard-to-reach when you have a problem, a mortgage company can be mom-and-pop size or just as large and comparatively sized as a bank, and as many as 60% of all cliental originate their loans through a mortgage company.