If one is a former member of the U.S, military who needs a veteran’s mortgage loan, look no further for suggestions on how to get it.
Pittsfield, MA -- (SBWIRE) -- 08/22/2013 -- Real-estate-yogi.com is familiar with this process and would like to share its knowledge, such as:
- VA Purchase Loans
- Native American Loans
- Adapted Housing Grants
Veterans’ Home Buying Loans
Veteran mortgage loans come in all shapes and sizes. The traits unique to them all are having a competitive interest rate, requiring little to no down payment, and not demanding private mortgage insurance. They are partially insured by the VA and are available through private lenders such as mortgage companies and banks. Because of the VA insurance, financers feel safer in approving a loan for a veteran. They know that, if the borrower defaults, they’ll get at least some of their money back.
Low Rates Veterans Mortgage Loan Instant Approval Even With Bad Credit, Online Application Form Here
Interest Rate Reduction Refinance Loans (IRRRLs)
This type of veteran mortgage loan is also referred to as the Streamline Refinance Loan and can assist a veteran in obtaining a lower interest rate by refinancing his current VA loan. When a mortgage is refinanced, it is completely paid off by a new one that has lower rates or principal. There’s no appraisal necessary to apply for an IRRRL. Although there’s no guarantee that every veteran who applies will be granted an IRRRL, any VA-approved lender can process an application.
VA Loans for Native Americans
The VA also offers veteran mortgage loan for Native Americans. It is called the Native American Direct Loan (NADL), and it enables eligible Native American veterans to obtain a loan to buy, build, or improve upon a home on Federal Trust Land. To obtain a NADL, the law specifies that the applicant must be a qualified Native American veteran with available entitlement. Also, the tribal organization or another suitable Native American financial group must participate in the VA direct loan program. Other requirements can be found online.
Grants for Adapted Housing
There are alternatives to a veterans mortgage loan. They’re grants for adapting an existing home to accommodate a veteran’s service-related disability. The Specially Adapted Housing grant (SAH) can be used to build a specially adapted house on land yet to be purchased or to apply toward the unpaid principal of a non-VA-supported loan. The Special Housing Adaptation grant (SHA) can be used to make a veteran’s current home accessible for his disability or to adapt a house in which the disabled veteran will live. More information is available online.
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