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Basic Entitlement: VA Home Loan Awareness

The Department of Veteran Affairs (VA) encourages that all lenders must try and offer Veterans the VA mortgage loan, considering that there is a significant amount of benefits that veterans can take advantage of, including assistance in preventing foreclosure. This isn’t the case unfortunately, many veterans today have been taking advantage of Conventional loans not knowing that the VA home loan program even exists.

Consult with a VA mortgage lender today to see how you can obtain a VA home loan in your state.

Even though fees may sometimes be higher than that of a Conventional, these fees may be rolled into monthly mortgage payments, making it more flexible when compared with all other loan program types available. There are no down payments required or private mortgage insurance with a VA mortgage. Service members who own a home today are saying that the program doesn’t ring a bell to them. The VA home loan program offers a basic entitlement of $36,000 for eligible veterans and service members to use towards the purchase of a home.

The VA highlights that veterans who have taken advantage of the program have some of the lowest homeownership default rates. The agency has helped as much as 80,000 VA homeowners avoid foreclosure just in 2014 alone. The VA also guarantees lenders help with as much as 25% repayment of their mortgage loan amount, making it easier for lenders to approve these mortgage type loans. VA borrowers today are some of the lowest risk borrowers in lenders’ eyes.

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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