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Va Loan Case Study

453 Words2 Pages

Requirements for VA Loan Approval One outstanding thing about VA loan application, is its easy approval process. However, it is important to understand what the process entails to ensure success. The VA lender’s book guides companies that fund and originate VA loans. The 4 main loan approval requirements, include: 1. VA entitlement This requirement stipulates that the borrower must be eligible for VA loans. For instance, veterans looking for VA home loans must satisfy the service and entitlement requirements to get approval. The entitlement in this case, is the amount guaranteed to a particular borrower by the VA. 2. Owner occupancy Owner occupancy rule requires the borrower to occupy the property he or she is financing within a reasonable …show more content…

The list of pre-approved homes include VA-approved condos, townhouses, single family homes and multi-family homes. Specific rules also apply for modular and manufactured homes. 4. Borrower income and credit To be eligible for VA loan, the borrower must qualify for the applied loan. Since lenders can decide who is a safe credit risk following the guidelines set by VA, veterans or co-borrowers who want to apply for loan must have a steady or sustainable income and satisfactory credit 5. Persons eligible for VA loans The people eligible to apply for VA loans, such as home-buying military benefit include; veterans, military personnel and their families. The list also includes active-duty personnel, surviving spouses and reserve members. The Benefits of VA Loans VA loan programs offer highly attractive and flexible loan terms to recipients. The three key benefits include; lower monthly payments, easy and faster qualification and no money down requirements. It is instructive to note that about 90% of all VA loans do not demand for down payment. The loans are also more affordable compared to your typical loan. Since most VA loans are protected by government, the need to apply for the expensive mortgage insurance is not a requirement. Finding a VA

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The original property must have been eligible for, or receiving, the Homeowner's Exemption or the Disabled Veteran's Exemption. You must file for the exemption on the replacement property as it is not automatically granted. The original property must have been sold. If the original property was given as a gift to a relative, you will be ineligible for this benefit.

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Program Description HUD-VASH is a joint program between the Housing and Urban Development (HUD), and the Veteran Affairs (VA) (Homeless Veterans). HUD provides Homeless Veterans with a Housing Choice Voucher Program, known as Section 8 Housing (Homeless Veterans). While the VA assists with case management and clinical services for veterans. The VA provides these services to participating Veterans at VA medical centers and community-based outreach services.

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1544 Words | 7 Pages

Veteran United Home Loans Introduction The Veteran United Home Loans was found in 2002 as private financial services and insurance and is the 27th out of 100 best companies to work for according to Fortune (2017); it is one of the nation’s largest private lenders that provides loans to military veterans and their families (http://fortune.com/best-companies/veterans-united-home-loans/). The value of Veterans United Home Loans offers the best, quality customer service in various ways; they strive to be the best provider of VA mortgages as a resource to military veteran homebuyers and their families, so their services can be recognized as valuable and unique to further maintain the leadership in the Veteran Administration (VA) Loan industry. In

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1588 Words | 7 Pages

Also can apply for befits before being discharged from the military. The VA will also reimburse for travel, for veterans who have to travel to medical appointments. Veterans have to be rated 30 percent or more and traveling has to be connected to service-connected disabilities (Fixing Veterans Health Care Taskforce, 2016, p 42). Many older veterans do not realize that the VA will pay for them to travel to see the doctor, because many of them are not able to use today’s technology. Getting reimbursed for traveling should be for all no matter what the rate of your disability is.

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1612 Words | 7 Pages

The program plan and the action plan tie together when looking into a program; however, both have vital individual importance. The overall problem that the program is addressing is veterans not being able to find housing after going through rehabilitation with the target population being veterans who are homeless, initially in the Piedmont Triad area of North Carolina. North Carolina has one of the countries highest homeless veteran populations due to all the military bases in the state. As with any program there are interventions, determinants and goals that will happen. An intervention will need to be made before veterans begin the program.

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1151 Words | 5 Pages

Once the mortgagor qualifies for the loan the bank get the evaluation from the third-party to identify the current value of the property and based on that value the bank lend the money. If the property is currently rented and the owner has a proof of that amount, then the bank considers it as a source of income. Some selected banks in UAE have products which qualify the owners to pull out cash against the property, on pure rental value if another source of income is not defined. Moreover, they have pre-defined benchmark calculations, which make the mortgagor, qualify for the product. An expert guidance could be an added value to

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576 Words | 3 Pages

Many borrowers prefer to have the accessabilty to money 'just in case' rather than taking a fixed amount out 'now' for a pre determined duration as would be the situation with a Home Equity Loan. Is there any collateral required? Yes, is the simple answer. A HELOC and a home equity loan require security.

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1189 Words | 5 Pages

The homestead exemption, is a tax relief plan which allows you to save on property taxes by allowing you to exclude a portion of your home’s value from the assessment. However, the homestead exemption only applies to a principal residence. In other words, the homestead exemption applies to a home owner who physically occupies their home. In addition, the homestead exemption request that only the home owner in who’s primarily responsible for the home is the only individual who can file the claim. Additionally, any one that is older than sixty-five and/or is disabled automatically qualify for the homestead exemption.

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414 Words | 2 Pages

Helping our veterans should be mandatory because of their sacrifice. Even though some people believe war veterans acquire enough from the Government, others believe they deserve more for their services. Veterans of the United States of America should not be homeless since they fought for our country with a sense of bravery and commitment. Therefore, the Department of Veterans Affairs should be reconstructed, also expanded to meet the growing need of our veterans.

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Secondly, some veterans will come back from war and if they were shot or experienced heavy damage to the head, they can have severe brain injuries and when they’re homeless and they don’t have much help, that can be horrible for the homeless veterans. Lastly, while veterans are fighting in wars, if they get shot or a grenade goes

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875 Words | 4 Pages

They also would need to go to the va but most veterans don 't live close enough to one to get the help they need. In contrast to all the things that soldiers have gone through they need all the help they need and deserve it. They need to have unlimited money to give all the help to returning soldiers and past soldiers for the sacrifices they gave to this beautiful country. They also deserve to have all their bills paid for by the va and not charged for it because some can 't afford the bills they are given. The ultimate sacrifice they don 't need the burden of bill to stress them out even more to could lead them to hurting themselves

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1149 Words | 5 Pages

Soldiers had fought hard for America in WWII, had seen things that could not be unseen and now they were finally coming home with a victory. When they came back, the men that went to war needed jobs, housing, and some even still needed education. Being a soldier was their job full-time prior to the victory and now it was time to come back to work, however, many of the jobs were created from the war to help the war effort. This left some unemployed and the GI Bill supplied the veterans of the second World War with unemployment insurance. Although, researchers Larsen, McCarthy, Moulton, Page, and Patel (2015) describe one of the main purposes of the GI Bill as to provide the returning veterans with a paid education including books, supplies, and counseling that the veterans needed to complete and education.

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967 Words | 4 Pages

Many people have this idea that veterans get all the care they need from the V.A, but that is not true for many veterans. These men and women have proudly risked their lives so we can live free and they are coming home to

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841 Words | 4 Pages

There is an increasing amount of soldiers getting discharged. And if the soldier don’t get an honorable discharge the soldier don’t get all of his/hers benefits. He would, how ever, have got some benefits of being a veteran. Because there are more soldiers getting discharged, they will not have enough money to survive . The cost of groceries one week is about $289 that means that on a soldier's salary and if he doesn't get the discounts for a retired vet, or a vet who had been honorably discharged.

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1287 Words | 6 Pages

When going through these processes it is best to make a long-term decision. The long process of buying a house will affect me in many ways concerning my future. When I get older, I will have to apply these smart facts in order to get the right house for me. I will have to know how the government works with setting loans and property taxes.

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