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VA Loan Information
The more you know about the VA home loan program, the more you will realize how little "red tape" there
really is in using this veteran benefit.
Find out how easy it is to get started.
-- VA Pamphlet 26-4
The main purpose of the VA home loan program is to help veterans finance the purchase of homes
with favorable loan terms and at a rate of interest which is competitive with the rate charged
on other type of mortgage loans. This pamphlet should help you to understand what the
Department of Veterans Affairs
can and cannot do for the veteran home purchaser.
-- VA Pamphlet 26-6
This pamphlet is designed to help veterans planning to purchase or construct homes, particularly
those veterans who intend to finance with a
VA construction loan.
It does not try to discuss the arguments
for or against homeownership. It is up to each veteran to decide whether homeownership is
best for his or her family.
-- VA Pamphlet 26-71-01
The questions and answers included in this pamphlet about this
VA benefit are intended to cover major items of
interest to veterans interested in buying a manufactured (mobile) home with a VA mortgage.
-- VA Pamphlet 26-93-1
VA direct home loans are available to eligible Native American veterans who wish to purchase
or construct a home on trust lands with a VA mortgage.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage
companies to eligible veterans for the purchase of a home which must be for their own personal
occupancy. To to use this VA benefit, a veteran must apply to a lender.
FREQUENTLY ASKED QUESTION # 32 [ -more VA Loan questions- ]
- - - - - -
Q: Homebuyer's Help Part 2 - Will the VA give me help if my property is poorly built or defective?
A: The VA has a great many ways to assist those seeking a VA mortgage, but there are also restrictions. When you purchase a home using a VA home loan, the VA does not offer guarantees that your home is free from defects. While the VA does conduct an appraisal of the property, this should not be misconstrued as an 'inspection' or approval of the condition of the property. The VA does not order builders to correct problems or defects in the construction of your home. It's the buyers responsibility to seek expert advice about the condition of a property before purchase. Additionally, the VA cannot offer legal counsel of any kind. The buyer is responsible for being informed about rights and responsibilities with regard to new property purchases. When in doubt, hire a lawyer or an expert in property evaluation.
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VA Loan Rates
for 7/03/2009
30 year fixed
-----------------
0.000 points
5.500%
5.610% APR
15 year fixed
-----------------
0.000 points
5.500%
5.686% APR
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