VA loan programs have help many veterans get housing financing with little or no money down. While VA loan programs don?t provide direct funding, they do insure loans for veterans, so they can tap into loans without down payments, even if the loans are large. Without the security of these VA programs, many veterans would find it hard, if not impossible, to buy a home.

Many VA loan programs, including those offered by Access National Mortgage, give the security and protection a potential veteran home buyer needs.

Finding out what you can buy with your VA Loan Program

With a VA loan program, veterans can get into variety of different homes. The program does require that the home purchased must be the primary home of the veterans, since the VA loan program, at its heart, is in place to ensure a veteran?s access to home ownership.

VA loan program guidelines allow veteran borrowers to buy:

? Single family homes

? Townhouses

? Condo units (in approved projects)

? Fixer-upper homes (in which case the financing can be used for the purchase and the home improvements)

? Manufactured homes

If needed, the VA loan programs can be used by veterans to refinance, improve, and/or make their homes more energy-efficient.

What are the basics of the VA Loan Program Guidelines?

Eligibility is the first step in qualifying for a VA Loan. Eligibility must be obtained by getting a Certificate of Eligibility from the VA with the help of a VA-approved lender. Once eligibility has been obtained, the loan process moves on to the financial end of the qualification process where the most important factor is a good credit rating. If the the veteran borrower receives a loan offer, then the following VA loan program guidelines apply:

? A Maximum guarantee of 25% of the loan, up to $104,250 (in most states); a maximum VA loan amount is $417,000

? Hawaii and Alaska: a maximum guarantee of 25%, up to $156,375; a loan maximum of $625,500 (to accommodate for higher cost of living)

? For joint spousal eligibility the maximum loan guarantee of the lesser of 40% of the loan or $36,000. (An alternative figure of $104,250 applies to some loans over 144,000.)

What are the protections of the VA Loan Program Guidelines?

Another great benefit of the VA loan program is a level of buyer protection for veterans. These VA loan program guidelines provide a number of protections to veterans, including

? Quality inspections to ensure that property meets the housing standards of HUD

? No PMI (Private Mortgage Insurance) costs, which could lower mortgage payments by hundreds of dollars.

? Protections from predatory lenders and discrimination.

? A warranty for new homes

? Caps on lender fees and other charges directed at borrowers

? Compensation for fixing of any structural problems in new construction

In addition to those protections, the VA also asks that lenders help borrowers when there are financial problems, including forbearance, when loan payments can?t be made. This helps shield borrowers from foreclosures and offers other credit protection.

The government created the VA loan program and its guidelines in 1944 in order to give the security and flexibility of the program to veterans so that they may start on the path to home ownership. The veterans then have the protections and advantages they earned by serving their country. If qualifying veterans want to know more about these VA Loan Programs, they should consult knowledgeable VA lenders and find out all of the benefits.This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions like a New Mexico FHA Loan Application, a Wyoming FHA Mortgage Calculator, debt consolidation loans, information about California FHA refinance benefits and whole host of other mortgage products all across the United States.