If you've been or are in the military, you may benefit from a VA loan. Learn what it takes, and how you purchase a home using this type of loan.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms. If you're thinking of purchasing a home in the Cleveland Ohio area, contact me for more information or a list of lenders specializing in VA loans. Contact Me
GENERAL RULES FOR ELIGIBILITY
You are eligible for VA home loan veteran benefits if you served on active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard and were discharged under conditions other than dishonorable after either:
TWO YEAR REQUIREMENT
If you:
YOU ALSO MAY BE ELIGIBLE IF YOU:
ACTIVE DUTY SERVICE PERSONNEL
If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days. When an ending date is established for Persian Gulf War service, a minimum of 181 days of continuous active duty will be required for persons who did not have wartime service.
MEMBERS OF THE SELECTIVE RESERVE
"Selected Reserve" means the Selected Reserve of the Ready Reserve of any of the Reserve components which consists of units and individuals who participate actively in paid training periods and serve on paid active duty for training each year. This includes Army Reserve, Navy Reserve, Air Force Reserve, Marine Corps Reserve, and coast guard reserve as well as Army National Guard and Air National Guard.
ELIGIBILITY MAY ALSO BE ESTABLISHED FOR:
certain United States citizens who served in the armed forces of a government allied with the United States in World War II.
Fuel Tips For Your Home
With gas prices almost doubling this year in the Cleveland Ohio area, (As if last year wasn't bad enough) Any and all short cuts will help.Arm Loans & Avoiding PMI
Understanding ARM loans, and how to avoid PMI.Questions to Ask a REALTOR®
When you are ready to select a REALTOR®, here are a few questions you can ask.Make sure the REALTOR® presents a "listing presentation" to you. This presentation should answer many of these questions. If you will need a buyer's agent, also make sure everything is explained up front.