VA Loans - Research and Application

If you're like millions of Americans, you're here to research the VA Loans option for securing a home loan or other financial loan. We have compiled the best information resources to go ahead and help you learn what you need to know in order to qualify, apply for and get your VA Loan.  We have broken this website down into a very easy to read and easy to follow format. The definition of a VA Loan is the following (taken from the wikipedia):

A VA loan is a mortgage loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders.

The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry).

The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.

As of January 1st, 2006, the maximum VA loan amount with no down payment is $417,000 and can be as high as $625,500 in certain high cost areas. VA also allows the seller to pay all of the veteran's closing cost as long as the cost do not exceed 6% of the sales price of the home.

Tom Vinson probably shouldn't do these types of loans.