Ameristar Mortgage Blog

The VA loan began in 1944 through the original Servicemen’s Readjustment Act, also known as the GI Bill of Rights. VA guaranteed loans are made by private lenders, such as banks, savings and loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy.

To qualify for a Wisconsin VA mortgage or Illinois VA mortgage, you must fall into a certain debt ratio. The maximum debt ratio you may have and still qualify for a VA home loan is 41%. If you are considering applying for a VA home loan, you may wish to make an appointment with a financial planner and debt counselor to see how you might improve your standing in advance of the application process.

The more you know about our home loan program, the more you will realize how little “red tape” there really is in getting a VA loan. Aside from the veteran’sm certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan.

You may also re-use your VA loan eligibility for another VA loan. When applying for re-eligibility, include copies of the paperwork that proves your old VA loan has been paid off-a “paid-in-full” letter from your bank, or a copy of the “HUD-1 settlement statement”. You qualify if the existing VA loan is paid in full, but you still own the property. Remember that getting released from liability for a VA loan or having a debt waived by the VA is not the same as paying off the loan. If you have an existing VA loan, you may still be able to get VA loan eligibility for second loan. You’ll have to negotiate a down payment with the lender, and your leftover eligibility may not be sufficient for the entire amount of the second loan.

Additional VA mortgage information can be found here: http://www.ameristarmadison.com/va.htm

VA eligibility information can be found here: http://www.ameristarmadison.com/va_elig.htm

To View the VA Benefits Act of 2004 visit http://www.ameristarmadison.com/announcements/va_benefits.htm

Ameristar Mortgage is your local Wisconsin and Illinois Mortgage Broker:

Dennis Hardy
Local: (608) 242-0826 x23
Toll Free: (877) 240-5840 x23
dennis.hardy@ameristarmadison.com

www.AmeristarMadison.com

Visit my blog at http://www.ameristarmadison.com/blog/