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Tim Lewis discusses VA Loans and his experiences helping veterans through the VA home loan process at DirectVALoans.com.

The VA mortgage loan programs are one of the great benefits out there for soldiers who have stepped forward to servce their country. Tim Lewis discusses how choosing the right VA lender can make a difference.

The VA streamline rate reduction, VA cash out, and va debt consolidation refinance programs have helped put countless veterans and active duty personnel and their families in a better financial situation. DirectVALoans.com continues to be an important VA home loan information resource for anyone seeking to know more about the programs.

VA mortgage eligibility has to do mostly with a veterans duration of service. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Am I eligible for a VA Loan? There are four numbers to remember when it comes to VA eligibility and whether a veteran is qualified to apply for a veteran home loan: 2 6 90 181. The 2 represents active duty personnel and honorably discharged veterans with two years of active duty. The 6 represents the National Guard or Reserve with six years of service. The 90 represents those with 90 days of wartime duty and the 181 represents 181 days of peacetime duty for those called up under U.S.C. Title 10. If you meet these conditions you may be eligible for a VA home loan. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Is it possible to get a joint VA mortgage with a non-military person? The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Can I get a joint VA loan with someone? Several scenarios may apply, so this is not a yes or no question. The first scenario entails the married spouse of a veteran, the second situation involves two members of the military, whether married or unmarried and the third scenario concerns when a military member brings an unrelated, non-military cosigner to the table. The requirements are different when it comes to VA loan eligibility for each of these scenarios. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

As a surviving spouse am I eligible for the VA Loan Guaranty Program? The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Am I eligible for a VA loan as the spouse of a deceased veteran? The short answer is that a surviving spouse who has not remarried is eligible to apply for a VA loan. When defining the word surviving the VA is very specific. The spouse has to have been widowed by a veteran who died while serving or from a service connected disability. There are also special rules for spouses of POWs and MIAs. Please remember that it is only the surviving spouse and not the children who are eligible for the VA loan programs. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

What type of home is financeable under the VA Loan Guaranty Program? The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, What types of homes are eligible for VA loan financing? When it comes to being financeable, specific guidelines must be met before a home can be financed with a VA home loan. New and previously owned single family homes are eligible if a VA-approved appraiser determines they are safe and livable. But when it comes to condos and townhomes they must be on a VA-approved list to qualify for VA financing. There are also certain guidelines that must be met for a manufactured home or a modular home to receive VA mortgage financing. However, not all VA lenders offer VA loans for all these property types. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Lets talk about how much a qualified veteran can borrow on a VA home loan. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, What's the most I can borrow with a VA mortgage? First we need to look at entitlement. This is the VA guaranteed amount, and is typically 25% of the loan. Each veteran receives basic entitlement of $36,000 and this is for a loan up to $144,000. With many home values now exceeding that amount bonus entitlement of $68,250 now comes into play. When added to a basic entitlement qualified veterans now have $104,250 worth of entitlement for loans between $144,000 and $417,000. Of course ability to pay determines how much entitlement can be used and how much a VA lender will lend. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Jumbo VA loans are available to veterans with enough income to make the house payments. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Can I get a jumbo VA loan? A VA jumbo loan is any home loan over $417,000. You will find two types of these loans: loans in counties where the conforming loan limit is $417k, and loans in counties where the conforming loan limit is more than $417k. In a county where the loan limit is $417,000 a jumbo loan will require a down payment based on the loans overage. In counties with higher conforming loan limits above $417,000, the VA guaranty covers the loan up to the loan limit. Jumbo VA loans can vary from lender to lender. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

The VA can change VA mortgage limits from time to time. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, What are the recent changes to VA limits and are they permanent? Economical circumstances and other factors can cause the VA to make adjustments to VA loan limits. The Veterans Benefits Improvement Act of 2008 allows the limit on zero-money-down loans in qualified counties to increase up to $729,750 on VA home loans closed through December 31, 2011. The VA sets maximum loan amounts for each county every year. So the amount of the VA guaranty can vary depending on where a veteran lives. That loan limit is $417,000 in most counties. However, it can be higher in counties with a higher cost of living. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

VA mortgages, like all loans, have certain income qualifying requirement. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, What are the income requirements for VA loans? The income qualifying requirements for VA loans are established by the VA. The debt-to-income ratio for veterans home loans is 41%. So, if a veterans monthly debt obligation is not greater than 41% of his income, a VA lender can consider a veteran home loan. Other factors to be considered are the VA borrowers credit score and residual income. In some cases, where there is enough residual income, the debt-to-income threshold may be higher than 41%. To gauge your debt-to-income ratio and the amount you can qualify for, it might be a worthwhile exercise to go through the pre-qualifying process with a VA loan specialist. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

The VA and a veterans lender may have different VA loan qualifying guidelines. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Why do the VA and my lender have different guidelines for VA loans? VA Loan Guaranty Program guidelines are established by the Veterans Benefits Administration under the U.S. Department of Veterans Affairs. However, The VA does not make the actual loans. VA-approved lenders such as banks and mortgage companies put up money for the loans. These lenders often have private investors who also set lending guidelines that can differ from those of the VA. Which means lenders must often follow both sets of guidelines to determine the terms of each VA mortgage. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Veterans may wonder if its possible to get a VA loan for more than the home value. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Can I borrow more than the value of my home with a VA loan? A VA mortgage can finance up to 100% of a new purchase. The VA will not guarantee loan funds for more than the purchase price. If a VA borrower wants to make immediate property improvements after the home purchase can look into a second mortgage or HELOC if the home appraises for more. Based on VA guidelines a veteran borrower can refinance up to 100% of the homes value, as determined by an appraisal of the homes current value. With a VA streamline refinance or an IRRRL a VA borrower can refinance the entire current mortgage into a new loan with a lower rate. For the complete video series and to find more answers to your most commonly asked VA loan questions at http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

With a VA mortgage the number that concerns most veterans is their interest rate. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, What rate can I get on a VA loan? VA home loan rates, like any mortgage rates, can change on a daily basis. Veteran home loan rates tend to move up and down with conventional rates. VA borrowers will generally find VA loan rates to be close to nationally posted conventional rates. Interest rates offered to veteran borrowers by VA lenders can change on a daily basis. Advertised rates are always subject to change. The VA does not set the rates on any home loans. If you would like to know where rates are today for a specific VA home loan program, the most current information will come from speaking with a VA lender directly. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Do VA loans offer fixed and adjustable rates? The http://www.directvaloans.com VA loan FAQ video series addresses this commonly asked question. VA mortgage programs offer the possibility of both adjustable rate and fixed rate loans, but not all VA lenders offer ARMs. VA loans with a fixed rate have a permanent interest rate for the loans duration. Adjustable rates typically start lower than fixed rates, and may adjust up or down during the life of the loan. Deciding if an adjustable or fixed rate VA mortgage is your best choice can depend on how long you plan to own the home. Speak with a VA loan professional to find out more information about the differences between fixed and adjustable VA home loan rates. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

VA loan rates can change often just like most mortgage interest rates. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, How are VA rates determined? The VA doesnt set the rates on any home loans. Usually FHA and VA loan rates move up and down with conventional rates and as such VA borrowers can expect veteran home loan rates to be close to average conventional interest rates. The Federal Governments actions can affect mortgage rates, but the rates are not set by the U.S. Department of Veterans Affairs. The loan officers for most VA lenders work from a current rate sheet that tells them which rates they can offer and the cost of each rate. A VA borrowers rate options often depend on their priorities, which might include the lowest possible payment. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Many VA loan borrowers wonder if their interest rate is tied to their credit score. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, How does my credit score affect my VA loan interest rate? With many conventional loans the rate you receive is directly tied to your credit score. The VA home loan program doesnt on a tiered rate structure based on credit score. From the VAs perspective, anybody qualified for a VA mortgage is eligible for the best rate. VA lenders and investors they are the ones actually lending the money—may build in their own pricing differences to offset risk. Generally though, your rate wont be affected by your credit score on a VA mortgage. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

How does assuming a VA loan work? The http://www.directvaloans.com VA loan FAQ video series addresses this commonly asked question. A great feature of the VA loan program is that with credit qualification the loans are assumable. If When a VA-eligible borrower buys a home from another VA borrower, the loan can often be assumed. There are two ways for a VA loan assumption to happen. If the seller agrees, the buyer can use the sellers entitlement originally used to acquire the VA mortgage. If this is the case, the seller will not be able to restore this entitlement until the VA loan is paid in full. In the second scenario the VA buyer substitutes their own entitlement for the sellers for the loan assumption. The sellers entitlement will then be immediately restored. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

With VA loan assumption this is the burning question for many veterans. The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, When someone assumes my VA loan, is my name removed from the loan? The original VA borrowers name is removed from the mortgage and their name is replaced with that of the buyer when a VA loan is assumed. The responsibility for the mortgage payments is then assumed by the buyer and the sellers credit is no longer tied to the loan. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.

Can bad credit be a deal breaker for VA borrowers in qualifying for a VA loan? The http://www.directvaloans.com VA loan FAQ video series addresses the commonly asked question, Can I get a VA loan if I have bad credit? VA lenders review several factors when determining if a borrower is qualified for a VA loan. For veterans with a bad credit history, a common belief they might have is that they cannot qualify for a VA home loan because their credit is not good enough. Complete credit histories, FICO scores, debt-to-income ratios, residual incomes, and loan histories are all considered by VA lenders. Veterans home loan credit requirements can vary from lender to lender. For the complete video series and to find more answers to your most commonly asked VA loan questions visit http://www.directvaloans.com/VA-Loan-Questions/Default.aspx.