VA Loans



1. VA loans are designed to provide assistance in purchasing a home for U.S. Veterans.

True
Veteran's Affair home financing aids U.S. Veterans in home buying. A benefit of VA home financing is that a veteran or spouse can purchase a home with no down payment. Lenders usually also offer lower interest rates with this program than ordinarily available with other types of loans.


2. A spouse can be eligible for VA Government loans.

True
A spouse is eligible if the Veteran died while on active duty or due to a disability during service that lead to death. Children are not eligible. For more eligibility requirements, lenders suggest contacting a VA certified mortgage brokerage or institution.


3. The U.S. Department of Veterans Affairs offers VA loans.

False
They are typically made by a lender. The U.S. Department of Veterans Affairs guarantees only. There have been instance in which the Department of Veteran affairs has actually originated the loan, but these situations are rare, and require that a veteran be denied through at least 3 financial institutions first. If the veteran's credit or income situation improves and they become eligible to receive funding originated through a standard lending institution, they are required to refinance. The VA department also sets the guidelines in which all financing is approved, closed, and insured.


4. You must have a Veteran's Certificate of Eligibility to get VA loans.

True
A Veteran can easily obtain a Certificate of Eligibility from the local VA loan office. A Veteran must serve for a certain amount of time to qualify. To apply for VA home financing, the veteran must have at least 90 days of active duty or 181 days of active duty during peacetime.


5. Government loans offer the opportunity to practice wise financial management.

True
Proverbs 16:20 - He that handleth a matter wisely shall find good: and whoso trusteth in the LORD, happy is he.


FHA Loans


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