Veterans Administration Mortgage Loans Option More Attractive Than Ever: Get Benefited Now

PITTSFIELD, Mass. - July 2, 2013 - PRLog -- Real-estate-yogi.com is here to help veterans out by providing insight into this process, such as:

· Description of Benefit

· Purchase Loans

· IRRRL

· Adapted Housing  Grants

Clarifying the Benefit

The VA assists veterans, service members, and qualifying surviving spouses in becoming homeowners. It supplies Veterans’ Administration mortgage loans along with other home purchasing products to aid veterans in building, renovating, or buying homes. VA loans are provided by private financers such as banks and mortgage businesses. The VA insures a portion of the loan, encouraging a lender to offer excellent terms.

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Home Buying Loans

The VA provides veterans with Veterans’ Administration mortgages, allowing them to become homeowners, often for the first time. Because the VA guarantees part of the loan, the terms a veteran may get include no down payment on the house, skipping the private mortgage insurance requirement, and having the VA limit the amount of closing costs the veteran must pay. Other pluses to the program are that the seller pays the closing costs; a lender cannot charge a veteran a penalty if he pays off the loan early, and the VA may help more if he has difficulty making his payments.

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IRRRL

Another type of Veterans’ Administration loan is the Interest Reduction Rate Refinance Loan. This loan reduces the interest rate on the original mortgage, making the overall payment easier to handle. The IRRRL is also appropriate for changing form an adjustable rate mortgage to one with a fixed rate. Eligibility requirements include that the first mortgage must be a VA-insured one, no loan other than the VA mortgage can be paid with the IRRRL, and the occupancy rule is different from other VA loans in that one need only prove he did live in the home previously.

Grants for Housing Adaptation

It sometimes happens that a veteran returns from his tour of duty with a permanent disability that requires extensive changes to be made to his home so he can continue to reside in it. That’s where the Veterans’ Administration mortgage loans step aside and the veteran gets an Adapted Housing Grant. These grants can be used to remodel, restructure, or add on to an existing home so the disabled veteran can live there unimpeded. The grant can also be applied to the unpaid principal mortgage of a previously adapted, non-VA-insured home.

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