What is a VA Home Loan Mortgage?

Those individuals who are looking to save when they buy a home of their own are often going to look into low down payment and no down payment mortgage loans. One of the loans that they will see mentioned among them is a VA home loan mortgage - and that's going to lead people to wondering just what a VA home loan mortgage is.

A VA home loan mortgage is a loan that - much like an FHA home loan - will be secured by the federal government, in this case the Veteran's Administration. Ultimately, a VA home loan mortgage is going to make it possible for those who are approved to lower their down payments on a home and to reduce the overall cost of home ownership. However, there are some clear limits put into place in terms of what makes an applicant qualified for a VA home loan mortgage.

How can you qualify for a VA home loan mortgage?

First, you are going to need to be sure that you are a qualified veteran. You must not only have an eligible veteran status but also you must have a loan entitlement available to you.

If you do apply for and are approved for a VA home loan mortgage, you will need to move into the home within an allotted amount of time, and you must be planning on living in the home full time; VA home loan mortgages cannot be used for a vacation home or an investment property. While it's important to recognize that credit, income and debt to income ratios must fall within a certain level, those with military service do not fact the strict lending criteria that other loan applicants do.

In addition to those who have eligibility because of their armed services commitment, there are others who can qualify for a VA home loan mortgage. Members of the National Guard and Reservists who meet certain criteria will also be able to qualify for a VA home loan mortgage as will those spouses of service men and women who died as a result of service (so long as they have not re-married).

Finally, VA home loan mortgages are available to those US residents who came into the country and nationalized after service for a US ally during the Second World War Others who have had military service but not reached full eligibility for a VA home loan mortgage will find that they can explore veteran's loans through the FHA.

A VA home loan mortgage offers a number of great benefits - no down payments, interest rate limits regardless of the credit of the borrower, limited closing costs, forbearance offered to those with a temporary financial issue. If you are aware of your eligibility status and are looking to buy a home of your own, a VA home loan mortgage may be the best option - an option that thanks you, once again, for the service that you performed for your country; you owe it to yourself and your family to explore the possibilities.