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va loans: What's the advantage of VA over FHA loans? - 08/04/08 03:28 PM
The VA Loan began in 1944 through the GI Bill of Rights. You must be an honerably discharged vetran or the spouse to qualify. FHA has no military service eligability requirement.
Gurantee vs. Insure Privately funded mortgage loans
VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to the conforming loan limit of $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. FHA loans insure up to 20% of the home loan amount to lenders. … (6 comments)
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va loans: Are you eligable for a VA home loan? - 06/03/08 01:26 PM
A military veteran, active duty person, or a member of the national guard or selected reserves, must submit a VA Form 26-1880 (2 pages) (Form is now in a FILLABLE format - along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the national guard or reserves) to the VA Eligibility Center, P.O. Box 20729, Winston-Salem, NC 27120. You can access the prequalification worksheet (excel spreadsheet) here.
Based on the applicant's length and type of service, VA issues a certificate for each person determined eligible to apply for a VA guaranteed home loan. Check the status … (0 comments)
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va loans: FHA vs. VA Loans. - 06/03/08 08:23 AM
Members of the armed services and their veterans may wish to compare these loan types before making a finance decision.
VA loans are only open to qualified veterans. To qualify you must be an eligible veteran who has an available loan entitlement; you must move into and live in the home for a reasonable period of time after closing; you must have a reasonable debt to income ratio; and you must have good credit. Even though there are some limitations on who can qualify for a VA loan, they are not severely restricted to people who served in the military. For instance, after … (5 comments)
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Illinois Financial Advisor Greg Zaccagni
Wheaton,
IL
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Farmers Insurance
Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189
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