VA loan or mortgage

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VA loan or mortgage

A home loan guaranteed by the Department of Veterans Affairs (www.homeloans.va.gov/elig2.htm) (known as the Veterans Administration before 1989), which will pay the lender up to certain limits if the borrower defaults.In some instances, the VA will decide to purchase the home from the lender after default and attempt resale,calculating that the profits from a resale will make the transaction cheaper than paying off the loan. By law, it is required to do this analysis on all defaulted loans.Eligibility for a VA guarantee is complicated and depends on the borrower's dates, length, and type of service; whether the borrower is currently active in the military; whether the borrower is in the National Guard or the Reserves; and the number of months the borrower was in peacetime or combat service.

References in periodicals archive ?
2, 2015 /PRNewswire/ -- National home loan lender PrimeLending, a PlainsCapital Company, announced that it is offering a $500 closing cost discount* during the month of November for active military service members and veterans who buy or refinance a home with a VA loan through PrimeLending.
documents it requires to underwrite and approve a VA loan.
There are now an estimated 22 million veterans in this country, many of them with eligibility for VA loan benefits.
Some pros of the VA loan include not having to put a down payment on the home.
Loans for eligible veterans are granted by the VA Loan Guaranty Service.
Earlier this year, Flores purchased a four-bedroom home in Northridge with the help of VA loan.
National Residential Mortgage Lender Walks through the Benefits of FHA and VA Loan Options for Designing Spaces on Lifetime
Approved VA loan recipients will also receive assistance should they fall into dire financial straits.
Nelson said, she goes on to say: “I know the advantages of a VA Loan first hand as my husband used to be in the Navy and we purchased our home using VA financing.
Realtors are concerned that the differences may deter sellers from accepting veterans' offers, especially during bidding wars when a VA loan may seem inconvenient.
They wrote a research note about the impact of the change titled: "The 2015 slash to VA loan limits will have little impact on veterans, even in hardest-hit D.
Viewed in another way, 46 percent of all black home loan applicants applied for either an FHA or a VA loan, while only 28.