by Naomi Smith
VA mortages are harder to get than they used to be.
VA Loan Program
The Veterans Administration does not lend money directly to individuals. All loans are made by a bank or other financial institution. The VA simply guarantees payment of a portion of the mortgage in the event the homeowner cannot make payments. As of late 2012, the maximum guarantee is $36,000, and lenders will generally finance up to four times that amount. Additional benefits to borrowers are no down payment required, no need for private mortgage insurance and limits on closing costs.
Since the bank determines who gets financing, each borrower must first meet the lender's qualifications, based on income, credit scores and other risk assessment factors. If you meet the requirements, and are eligible
for a VA loan, you are more likely to be approved for the mortgage, since the guarantee makes you a better credit risk than anyone with a similar financial profile.
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