Special offer

What is a VA loan?

By
Services for Real Estate Pros

VA loans, or more appropriately termed "VA Insured Loans" are loans where the Veteran's Administration insures the lender against any losses the lender may incur due to default.  VA loans are only available to veterans possessing a Certificate of Eligibility, or generally speaking, almost all active duty and honorably discharged service members are eligible.  Here are a few other options for eligibility of a VA loan.  You may be eligible if any one of the following are true:

· Served 181 days during peacetime (Active Duty)

 · Served 90 days during war time (Active Duty)

 · Served 6 years in the Reserves or National Guard

• You are the spouse of a service member who was killed in the line of duty.

 If you qualify for a VA loan, you may still need some credit repair help to actually get the loan.  VA loans may not look specifically at your credit score, but they do look at your history for the past 12 months to make sure you haven't had any late payments or other delinquencies during that time.  If you find that you qualify for a VA loan, but are having issues with late payments, call Vitesse Financial for assistance.  We will work to repair your credit so that you can buy that home you've always dreamed of.

Posted by

Vitesse Financial has an A+ rating with the Better Business Bureau. Not only do we specialize in fixing inaccurate errors on credit reports, we educate on what you can do to optimize your credit score.

Greg Tilley
President
Vitesse
Financial

1730 South College Avenue Suite 205
Fort Collins, CO. 80525

Direct: 970.407.9110
Toll-Free: 866.407.9110
Fax: 407.9172
creditrepair@vitessefinancial.com
www.vitessefinancial.com

Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Did you know that if a homeowner wants to modify a VA loan that they have to call VA directly and can't work with the bank that holds the loan.  I thought this was an interesting point and also a frustrating one for homeowners as they can't hire a loan mod attorney to help them.  They are stuck on their own.

Nov 21, 2009 02:57 AM
Suzy Morris
The Morris Team - Carlsbad, CA

Greg - thank you for the great info on VA loans!

Nov 21, 2009 03:04 AM