Va Loan Program Guideline Basics

VA loan programs have help many veterans get housing financing with little or no money down. While VA loan programs don’t give the direct funding, they do insure loans for veterans, so they can tap into loans without down payments, even on larger loans. Without the security of these VA programs, many veterans would have a hard time – if not an impossible one – buying a home.
Many VA loan programs, with their own guidelines, give the security and protection a potential veteran home buyer needs.

VA Loan Programs: What Type of Home You Can Buy

VA loan program give veterans access to many types of properties. The one restriction is that the property must be used as a primary residence, since the programs were made to give vets access to home ownership.

Here are the types of properties veterans can buy under VA loan program guidelines:
• Single family homes
• Condos and townhouses in approved projects
• Houses needed fixing up. The financing can be taken on both the purchase and the improvements.
• Manufactured homes on lots

Plus VA loan programs are there for refinancing existing loans and for home improvements, including improvements of energy efficiency.

VA Loan Program Guidelines

The most basic of the guidelines of a VA loan program is eligibility of the veterans. A Certificate of Eligibility can be obtained with the help of a VA lender, such as Access National Mortgage. With that, the VA loan program then looks at financial qualification and credit rating. Assuming the guaranty is offered, these VA loan program guidelines apply:

• Maximum guarantee of 25% of the loan—up to $104,250 (in most states); maximum VA loan amount is $417,000
•Hawaii and Alaska—max guarantee of 25%—up to $156,375, loan max of $625,500 (to accommodate for higher cost of living)
• For joint spousal eligibility—maximum loan guarantee of the lesser of 40% of the loan or $36,000 (alternative figure of $104,250 applies to some loans over 144,000)

What are the protections of the VA Loan Program Guidelines?

Another great benefit of the VA loan program is the creation of a level of buyer protection for veterans. These VA loan program guidelines open up a number of protections to veterans, including
• Quality inspections to ensure that property meets the housing standards of HUD
• No PMI (Private Mortgage Insurance) costs, which can be a difference in hundreds of dollars in a payment
• Protections from predatory lenders and discrimination
• A warranty for new homes
• Caps on lender fees and other charges directed at borrowers
• Compensation for fixing of any structural problems in new construction

In addition to those protections, the VA also asks that lenders help borrowers when there are financial problems, including forbearance, when loan payments can’t be made. This could shield borrowers from foreclosure and offer other credit protection.

The government created the VA loan program and its guidelines in 1944 in order to give the security and flexibility of the program to veterans in order to start them on the path to home ownership. The veterans then have the protections and advantages they earned by serving their country. If qualifying veterans want to know more about these VA Loan Programs, they should consult knowledgeable VA lenders and find out all of the benefits.

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This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.