home improvement loan va
Home improvement loan vA
Home improvement loan VA or Veterans Administration home improvements loans
just like FHA home loans are also funded by commercial lenders but insured by
the federal government. These loans have low interest rates, zero down payments.
Home improvement loan VA s provide assistance in purchasing a home for United
Advantages of home improvement loan va :-
1.You can take a loan with no down payment.
2 Home improvement loan va are slightly easier to qualify for a Veterans Affair
loan when compared to a regular loan.
3.Home improvement loan va allows borrowers to finance 100% of the loan amount.
4.Home improvement loan va only requires proof of veteran status to qualify for
Terms and conditions to be eligible for home improvement loan va :-
1. Home improvement loan VA s are only eligible for those who have served in the
United States military.
2. You must have been on active duty for at least 181 days during peace time and
90 days during war time.
3. If you served less than the standard 181 days, you may be eligible if
discharged for a service connected disability
4. You must have been discharged under other than dishonorable conditions.
Who can qualify for a Home improvement loan VA?
The following table shows what type of service (and for what duration is
required in order to be eligible for a VA Loan:
Service during Wartime: WWII 09/16/40 to 07/25/47
Korean 06/27/50 to 01/31/55
Vietnam 08/05/64 to 05/07/75
Persian Gulf 8/2/90 to undetermined
You must have been at least 90 days on active duty. Plus, you must have been
discharged under normal conditions. Even If you served less than the standard 90
days, you will be eligible if discharged for a disability.
Service during Peacetime: - 07/26/47 to 06/26/50
02/01/55 to 08/04/64
05/08/75 to 08/01/90
To qualify for home improvement loan va you must have been on active duty for
at least 181 days. If you were discharged, you must have been discharged under
other than dishonorable conditions. If you served less than the standard 181
days, you may be eligible if discharged for a service connected disability.
New Factors of home improvement loan va :-
The Home improvement loan VA is now offering VA adjustable rate mortgages (ARM).
You have to check it out whether you qualify for a 3yr or 5 yr ARM. If you are
planning not to stay in your home for a longer duration then the ARM may be best
for you. The VA Adjustable Rate Mortgage is fantastic for anyone who does not
plan on staying in their home for more than 5 years. It will help save you a
great deal of money because the interest rates are generally much lower.
Few queries about home improvement loan va :-
(1) Is the spouse or children of a veteran eligible?
The children are not eligible but a spouse is eligible if the veteran died as a
result of a service connected disability or died while on active duty.
(2) Who makes the loans?
Loans are actually made by the Private Lenders. However, the VA guarantee
protects these lenders against loss. The guaranty will allow lenders to make
loans without other requirements (for example, a down payment).
You can get home improvement loan va even if you have been foreclosed on in
the past. The best way to find out how to qualify in such situation is to
contact a mortgage specialist. They can give you advice on what you can do to
ensure you can qualify for a loan.
Even if you are considering home improvement loan va, remember that there are
still a variety of different mortgages.