VA loan programs are vital to helping thousands of veterans finance homes without much of a financial burden. While VA loan programs do not provide the money for a home, they do insure the loans veterans are seeking, so that veterans may qualify for a loan (oftentimes large loans) without a down payment. If veterans didn’t have access to VA loan programs, many veterans would have a tough time buying a home on their own.

These varied VA loan programs, including those offered by Access National Mortgage, will give veteran home borrowers a level of security, protection, and access to loans.

VA Loan Programs: What Type of Home You Can Buy

VA loan programs 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 provide veterans with access to home ownership.

VA loan program guidelines allow veterans to buy:

• Single family homes.
• Condos and townhouses in approved projects.
• Houses in need of fixing up. The financing can be taken on both the purchase and the improvements of homes.
• Manufactured homes on lots.

Also, VA loan programs are available for refinancing existing loans and for home improvements, including improvements of energy efficiency of a property.

VA Loan Program Guidelines

The most basic guideline of a VA loan program is the eligibility of the veterans. A Certificate of Eligibility can be obtained with the help of a VA lender. After receiving a Certificate of Eligibility, then VA loan program then examines the financial qualification and credit rating of the veteran applicant. Assuming the guaranty is offered, these VA loan program guidelines apply:

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

VA Loan Program Protections

VA Loan Programs offer great buyer protections for veterans, who can take advantage of the many benefits, including:

• No Private Mortgage Insurance costs that can add onto the costs of a mortgage payment.
• Inspections to make sure that properties meet HUD housing standards.
• Protection from discrimination and predatory lenders.
• Warranties on new homes and compensation for the structural defects on inspected construction.
• Caps on lenders fees and other charges on VA borrowers.

The VA also wants lenders to work with veterans who may become temporarily unable to meet their loan payments. This adds a layer of protection against foreclosure and credit problems that may occure under some circumstances.

The government has developed and improved its VA loan programs, building in flexibility and security in the VA Loan program guidelines, since the program began in 1944. The VA loan programs give financing advantages to veterans. Qualified veterans should talk to VA lenders to see how the VA loan program guidelines can help them in purchasing a home.

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About the Author

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.