|
Saint Paul Regional Office
Regional Loan Center
|
Home Buying Process
|
|
|
The VA Home Loan Program
| | |
VA guaranteed loans are made by private lenders to eligible veterans for the purchase of a home for their personal occupancy. VA will guarantee a portion of the loan to the lender, which protects the lender against losses up to the amount guaranteed, and allows a veteran to obtain favorable financing terms. A veteran's basic entitlement, or portion of the loan that the VA will guarantee, is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders generally will loan up to four times a veteran’s available entitlement without a down payment (up to $417,000), provided the veteran is income and credit qualified and the property appraises for the asking price. | | |
|
|
What is Eligibility?
- Eligibility is a veteran’s entitlement to the VA home loan benefit described above. This benefit is extended to military veterans, persons on active duty, and members of the National Guard and Reserves.
|
|
Obtaining a Loan
- Buying a home is often a very exciting and stressful time; having an experienced and qualified lender is very important.
|
- This link will provide an overview of the lender's role in the VA home loan program, locating a lender, and the various loan types available with the VA home loan program.
|
|
Finding Your New Home
- Most home buyers use the services of a state-licensed real estate agent to assist in finding a new home.
|
- This link will provide information about the role of the real estate agent, inspection, and purchase agreement.
|
|
Closing the Sale
- If your loan and home are approved for a VA Home Loan, several steps should be taken prior to closing. This link will provide you more information about the closing of the sale.
|
|
|
Reviewed/Updated Date:
January 23, 2008 |
|
| 
