HARP - Home Affordable

Government Home mortgage Refinance Program

VA mortgage loans offer 100% financing and mortgage insurance is never required

VA Loans Cheaper Than FHA, Conventional

For members of the U.S. military, veterans, and their spouses, the Department of Veterans Affairs makes available a special mortgage program called the VA Loan Guaranty Program.

Available as part of your VA benefits, the VA loan program is a no-downpayment, 100% mortgage with loose eligibility standards meant to help as many military borrowers qualify as possible.

VA mortgage rates are often extremely low, too.

You can save a lot of money when you use a VA mortgage.

If you think you may be eligible, compare VA pricing to the cost of a conventional and FHA loan when you shop for your next home loan.

VA Benefits: About The VA Loan Guaranty Program

72 years ago, Congress conceived the VA Home Loan Guarantee program.

Created as part of the Servicemen's Readjustment Act of 1944, the program was meant to reduce "to the greatest extent possible" the sociological and economic problems of millions of post-war men and women who had served in the United States Armed Forces.

The VA loan program was meant to be an alternative to a cash bonus; one which would not only be less expensive to the U.S. government, but one which would also better served the needs of U.S. veterans who had not had a chance to establish a credit rating as their non-veteran counterparts had been able to do.

The VA mortgage program continues today and is wildly popular.

By offering zero-downpayment mortgages with no mortgage insurance required, and by providing flexible mortgage underwriting guidelines, VA home loans have helped military borrowers from San Diego, California to Fort Dix, New Jersey get access to government-subsidized mortgage rates with common-sense underwriting standards.

The VA loan is among the popular VA benefits available to today's armed services veterans and active personnel.

More Than 21 Million VA Home Loans Closed

According to the Department of Veterans Affairs, more than 21 million VA loans have been guaranteed since the program's inception - nearly 300, 000 per year.

In recent years, though, low VA mortgage rates have given a boost to the VA home loans closed annually.

Pronounced "Earl", the Interest Rate Reduction Refinance Loan is one of the fastest, simplest refinance programs available to homeowners anywhere.

VA Loan Eligibility

VA home loan benefits are available to many veterans of U.S. military service, active personnel, and surviving spouses, among others. There are minimum eligibility requirements to meet, which include verification of income and assets, and minimum service times.

For example, for individuals who served the U.S. military during World War II, the Korean War, and/or the Vietnam War, VA loan benefits are available after 90 days on active duty, or with a discharge under any condition other than dishonorable.

By contrast, individuals who served during peacetime between 1947-1981 are required to show at least 181 days of continuous duty, and discharge under any condition other than dishonorable.

For individuals with service-connected disabilities, minimum 90- and 181-day standards are waived in full.

VA loans aren't just limited to armed services veterans, either

VA benefits extend to certain members of the National Guard and Reserves; National Oceanic & Atmospheric Administration (NOAA) officers; public health service officers; and Air Force, Coast Guard, and military cadets.

Surviving spouses who remarry after age 57 may be eligible for VA benefits, too.

Benefits Of The VA Home Loan

Beyond its popular zero-down mortgage option, the VA loan program brings extra mortgage benefits to each mortgage closed.

As one example, the Department of Veterans Affairs waives mortgage insurance requirements on all VA loans. No matter how much you bring to closing - even if you bring 0% - you will never be asked to pay mortgage insurance.

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How to get the best mortgage rates - Quora

I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live.  Last, apply with a local mortgage broker.

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