VA Loan Program Guideline basics .

VA loan programs have help many veterans get housing financing with little or no money down. While VA loan programs don’t give the direct funding, they do insure loans for veterans, so they can tap into loans without down payments, even on larger loans. Without the security of these VA programs, many veterans would have a hard time – if not an impossible one – buying a home.

Many VA loan programs, with their own guidelines, give the security and protection a potential veteran home buyer needs.

VA Loan Programs: What Type of Home You Can Buy

VA loan program 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 give vets access to home ownership.

VA loan program guidelines let veterans buy:

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

Plus VA loan programs are there for refinancing existing loans and for home improvements, including improvements of energy efficiency.

What are the basics of the VA Loan Program Guidelines?

In order to start on your way to a VA Loan, one must first get eligibility. That eligibility must be obtained by getting a Certificate from the VA, with the help of a VA-approved lender, such as Access National Mortgage. Once you have your eligibility, you will move on to the financial end of the qualification process. The most important factor is a good credit rating. If the qualification gets the veteran borrower a loan offer, then the following VA loan program guidelines apply:


• 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, loan max of $625,500 (to accommodate for higher cost of living)
• For joint spousal eligibility—maximum loan guarantee of the lesser of 40% of the loan or $36,000 (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, which can grow your mortgage payment
• Good 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 fees to lenders 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 happen to veterans 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.

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.