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Your options with the Oregon FHA Home Loan Programs
VA Loan Programs have been successful in helping many veterans receive money for home ownership with little or no money down. VA loan programs don’t provide veterans with money, but they insure lenders who give loans to veterans that may have had trouble getting a home of their own.
VA loan programs, each subject to their own VA loan program guidelines, give veterans security, protection and access to veteran home borrowers.
VA Loan Programs: What Type of Home You Can Buy
VA loan program allow veterans to purchase many types of properties. The one restriction is that the property must be used as a primary residence, since the VA loan programs’ intentions are to give vets access to home ownership.
VA loan guideline let veterans buy:
• Single family homes
• Townhouses
• Condo units (in approved projects)
• Fixer-upper homes (in which case the financing can be used for the purchase and the home improvements)
• Manufactured homes
VA loan programs can also be used for refinancing existing loans and for home improvements, including improvements of energy efficiency.
VA Loan Program Guidelines: The Basics
Eligibility is the most vital VA loan program guideline. A Certificate of Eligibility can be obtained from the VA with the assistance of a VA approved lender like Access National Mortgage. With this certificate, the VA loan programs then turn to finances. The financial requirements for the borrower are that they have good credit rating. If the veteran applicant is offered the loan, the following VA loan program guidelines then kick in.
• A Maximum guarantee of 25% of the loan, up to $104,250 (in most states); a maximum VA loan amount is $417,000
• Hawaii and Alaska: a maximum guarantee of 25%, up to $156,375; a loan maximum of $625,500 (to accommodate for higher cost of living)
• For joint spousal eligibility the maximum loan guarantee of the lesser of 40% of the loan or $36,000. (An alternative figure of $104,250 applies to some loans over 144,000.)
VA Loan Program Guidelines: The Protections
With a VA loan program, buyers get a high level of protection, thanks to the content of the program and its guidelines. These include:
• Quality inspections to ensure that property meets the housing standards of HUD
• No PMI (Private Mortgage Insurance) costs, which could lower mortgage payments by hundreds of dollars.
• Protections from predatory lenders and discrimination.
• A warranty for new homes
• Caps on lender fees and other charges directed at borrowers
• Compensation for fixing of any structural problems in new construction
In addition to these protections, the VA also encourages lenders to work with buyers who may have a hard time making their payments due to a temporary financial setback. This additional layer of protection helps keep veterans from facing foreclosure and other credit problems.
The government has worked to create and improve VA loan programs through the years, since the program’s creation in 1944. These programs are both flexible and secure. The VA loan programs provide veterans with financial opportunities they have earned through their service to the country. Veterans who qualify for these programs should speak with a trusted VA lender to see how all of these VA loan program guidelines can help them meet their goals of home ownership.
