VA loan programs have been successful in helping a great many veterans receive money for home ownership with little or no money down. VA loan programs don’t directly provide veterans with funding, but they give insurance to lenders so they ay supply loans to veterans who may find it difficult getting a home of their own.

VA loan programs, each subject to their own VA loan program guidelines, give veterans security, protection, and accessibility to veteran home borrowers.

VA Loan Program Guidelines: What can you get?

VA loan programs allow veterans to buy a variety of properties. The only restriction is that the property has to be the primary residence of the veteran borrower, because VA loan programs are designed to give veterans the opportunity for home ownership.

VA loan programs allow veterans to purchase the following types of

properties.

•Single family homes, townhouses and condos (in approved projects).

• Homes in need of improvement in which case financing can be taken out for the home price as well as the improvement costs.

• Manufactured homes on lots.

VA loan programs are also available for refinancing existing loans and for improving the quality of existing home, including the costs for making homes more energy-efficient.

In order to start the VA Loan process, one must first become eligibility for the program. That eligibility must be obtained by getting a Certificate from the VA, with the help of a VA-approved lender, like Access National Mortgage. Once eligibility has been obtained, the financial end of the qualification process begins. The most important factor to being approved is a good credit rating. If the veteran borrower a loan offer, then the following VA loan program guidelines apply:

• A 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, and 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.)

With a VA loan program, buyers receive a high level of protection thanks to the content of the program and its guidelines. These include:

• No Private Mortgage Insurance costs, which can save hundreds of dollars on mortgage payments

•High quality inspections which can make sure the property meets HUD housing standards

• Protection from discrimination and predatory lenders

•A warranty for the borrowers’ new homes

•Compensation for the correction of structural defects as part of inspected new constructions

•A cap on lender fees and of the charges VA buyers face

In addition to these protections, the VA also encourages lenders to work with buyers who may have a hard time making their payments due to a temporary financial setback. This is an additional layer of security to keep veterans from foreclosure and credit problems.

The government has worked to improve VA loan programs through the years, since the program’s creation in 1944. These programs are both flexible and secure. VA loan programs have given veterans financial opportunities they have earned through of their service to the country. Veterans who qualify for these programs should look for a trustworthy VA lender to see how all of these VA loan program guidelines can help them meet their goals of becoming homeowners.