VA Home Loans- Memorial Day Reminder

June 1, 2010 - PRLog -- VA Loans are for all Veterans and Active Military personnel living in to Arkansas

If you are current or prior military you may meet the VA mortgage Eligibility. This includes the Reserves and National Guard. The Department of Veterans Affairs, more often known as the VA, has made owning a home for a Veteran much easier through its loan guarantee program.

The VA home loan is one of the last remaining mortgage products that requires little to no money down, If you qualify under the guidelines, you can buy a home with 100% financing in most cases.

The VA does not actually lend the money but they do assume the risk by insuring the lender against default on the loan. To do this they charge a funding fee.  This fee can be paid up front at closing or rolled into the loan.

VA Loans Offer the Following Important Benefits:

* Equal opportunity for all qualified veterans and active duty military.

* No PMI (private mortgage insurance). Most all other loan types require PMI

* No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property).

* Buyer informed of reasonable value from the appraisal.

* Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).

* Closing costs are comparable with other financing types.

* No mortgage insurance premiums.

* An assumable mortgage.

* Right to prepay without penalty.

If you are veteran or active military serving at the Little Rock Air Force Base, Camp Robinson or any other military instillation in Arkansas including Arkansas National Guard and the Reserves you could qualify for a VA Mortgage.  Call or visit us online at www.arkansasmortgageonline.com

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Primary Residential Mortgage, Inc. is an independent originator of residential mortgage loans. With more than a hundred investors to choose from we can find the rate and loan product that best meets your financial needs.