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VA Home Loans (Part II) What are the Benefits to the Service Member?
The use of your VA entitlements provides you many benefits. Do you know what a summary of those benefits are?
Q: What is a VA Guaranteed Home Loan? A: 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 fail 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.
Q: Does my entitlement guarantee that I will get a home loan? A: No, VA cannot compel a lender to make a loan that would violate their lender policies. Lenders must also comply with VA income and credit standards. If a lender is unwilling to make a loan to you, we can only suggest that you try other lenders. Q: How much is my entitlement? A: Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent ... more
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