October 22nd, 2012 9:33 AM by Nathan Rufty
VA loans are a special kind of loans that target only the active-duty members of the US Armed Forces as well as veterans. They provide financial assistance at special rates to the veterans who wish to own a home in California’s Rancho Cucamonga area. After serving the country while in the Forces, the ex-soldiers deserve to own and live in decent homes and this is the reason they are offered financial assistance at good rates are at their disposal. There are several benefits of these kinds of loans that clearly explain why any veteran should apply for the financial assistance.
The first importance of VA loans is the fact that it is not just accessible to the veterans only but also their loved ones as well as family members. Even if the veteran himself/herself passed on, the family is still eligible to apply for financial assistance. In addition to veterans and their spouses, Coast Guards as well as those who have been serving in the National Reserve for approximately six years or more are also eligible to apply for financial assistance if they want to own a home in the Rancho Cucamonga area. Individual citizens serving as friends of the US can also be considered for this kind of financial assistance.
Another benefit is the fact that an applicant can have access up to the total amount of money needed for financing the home. For any loanee who is undergoing a financial crisis, they can have access to a program that is specifically designed to assist such people with their repayments. Any veteran who makes a prepayment is not penalized whatsoever. The VA loans are also easily accessible to the veterans because they come with a limited amount of upfront fees they are expected to pay. This means that a veteran’s dream of owning a home in this area can easily come true.
Before any veteran can apply for a VA loan, it is important that they know the requirements and what is expected of them before applying for financial assistance and even during their repayment period. Depending on an individual, there is a specific limit on the amount of financial assistance a given veteran can receive. The applicant must also have a certain credit score in order for them to get financial assistance. The veteran must also have a viable proof to show that they have a steady income or are in a position to pay back the money they are loaned.
For the veterans serving in the US Army, they must have worked for at least two years or have gone to war at some point; if they were dismissed, it should not be due to dishonor. For their counterparts in the National Reserve as well as Coast Guard, they are expected to have been in service for at least six years. Spouses to veterans are expected to have been widows for a certain period of time before they got married again if they are to be eligible for the financial assistance. Any veteran who meets these requirements, can easily access a VA loan.