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Saturday, March 26, 2011

Understanding VA loans

Not a lot of people fully understand what VA home loans are. Sometimes, even I get confused when people start talking about VA streamline or VA refinance rates. So perhaps it is best that we go into this world and see what it is about.

According to Wikipedia, “A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.” So by that, I think we can all agree that this is a type of loan that is geared for elderly or American veterans, in order to help them with their finances, or their surviving spouses.

The main intent of these types of loans, like the Maryland VA home loans is to supply its clients with enough home financing especially in areas where private financing is unavailable. This plan enables the veterans to make their purchases without having to provide a down payment. However, these are only for certain eligible areas that are already set by the VA for their housing credit storage areas.

Overall, it does come out as a bit of boring because as younger people and citizens of the Philippines, it really does not apply to us, rather it does make Filipinos think of what or how the veterans of this country are taken care of. Most of these people are elderly and they need all the help they can get.

Apparently, for those who are in the U.S. and want to apply to these loans, they can get an application form, which is the standard loan application form. If the person filing the forms is making false statements or are providing incorrect information, they can be punished with a fine or imprisonment. Which will then forfeit the chances of the person owning the account his or her chances to avail of the loan.

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