What you need to know about VA Home Loan Programs and FHA Home Loan Programs.

When you look at the VA home loan programs and FHA home loan programs, you’ll find a lot of similarities. Both of these programs are trying to get many people access to affording mortgages with good terms. The big differences are the targets. The VA home loan programs are made to benefit people who have served in the military. But between the two programs, there are federal benefits available for home financing and each fill in the others’ gaps.

<b>VA home loan program facts</b>

VA home loan programs are targeted at qualifying veterans, as part of the benefits given to those who have served the country in the armed forces. In order to qualify for the loan from the VA home loan programs, a veteran has requirements to meet.

• The borrower must have good credit, including credit in good standing and an adequate credit score • The borrower has to get a Certificate of Eligibility from the VA • The veteran has to have enough income to take care of the loan • There are debt-to-income ratios to be met, which are outlined in the VA home loan programs’ guidelines • The home must be used as the residence after either closing on the loan or completion of renovations

There are other individuals who have access to the VA home loan programs. Those people include:

• Reserve or National Guard soldiers, who meet certain requirements • Former Allies from World War II who are now U.S. Citizens (or their spouses) • Widowed spouses — who have not remarried — of soldiers who have died as a result of service-related injuries

There are many advantages in part of these VA home loan programs, such as

• No down payment loans • Competitive rates (regardless of credit history) for fixed and adjustable loans • Flexible terms, lengthened terms and the right to prepay • Forbearance in case of financial hardship • Other protections and warranties against such things as inferior buildings and discrimination

But what about those people who don’t qualify or have limited or no military service? That’s where they can turn from the VA home loan programs to the FHA home loan programs. Many people take advantage of the FHA home loan programs.

<b>FYI: FHA Home Loan Programs</b>

While there is little overt benefit of a FHA home loan program when compared to a VA home loan program, there are some. First, the FHA home loan programs are available to people who can’t qualify for a VA loan. Second, there is insurance for more than half of the loan through the federal FHA program, which you can’t get from the VA (something for vets to consider).

Among the other efforts offered by the FHA home loan programs are:

• Low down payments • Adjustable payment options and term flexibility • Government loan security, which helps get better terms • Good interest rates and payments • Refinancing options for existing FHA home loan programs borrowers

With either of the loan a borrower want to get, the VA home loan programs and FHA home loan programs help qualified would-be home owners. The flexibility of the VA home loan programs and FHA home loan programs help to find the home ownership which is available to all people, including the country’s veterans.

This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions such as Alaska FHA home loan programs, Oregon VA home loan programs, debt consolidation loans, information about Washington FHA Refinance Benefits, and whole host of other mortgage product all across the United States.

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