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VA Home Loan Programs vs. FHA Home Loan Programs, a comparison.

By: AccessNational

FHA home loan programsandVA home loan programs are very similar; they both attempt to give access to affordable home loans to the American people. The biggest difference between the two is that VA home loan programs have been created for America’s veterans of the armed forces. But between the two, would-be home buyers are served. Where one program may not be the best for a borrower, the other program fills in.

VA home loan program facts

VA home loan programs are targeted at qualifying veterans, as part of the benefits given to those who have served the country in the armed forces. In order to qualify for the loan from the VA home loan programs, a veteran has requirements to meet.

•The borrower must have good credit, including credit in good standing and an adequate credit score
•The borrower has to get a Certificate of Eligibility from the VA
•The veteran has to have enough income to take care of the loan
•There are debt-to-income ratios to be met, which are outlined in the VA home loan programs’ guidelines
• The home must be used as the residence after either closing on the loan or completion of renovations

There are other individuals who have access to the VA home loan programs. Those people include:

• Reserve or National Guard soldiers, who meet certain requirements
•Former Allies from World War II who are now U.S. Citizens (or their spouses)
• Widowed spouses — who have not remarried— of soldiers who have died as a result of service-related injuries

Benefits of the VA home loan programs include:

• No down payment loans
• Good fixed and adjustable interest rates, regardless of credit history
•Lengthened and flexible terms of 15-30 years or more
• No prepayment penalty
• Assistance during financial hardship
•Protection and warranty against discrimination and poor buildings

But some who have just limited time in the armed forces or who cannot qualify for VA home loan programs may still be able to work with the FHA home loan programs. Also, those with no military experience can work with the FHA home loan programs.

FHA Home Loan Programs facts

FHA home loan programs are there for those borrowers who can’t get into the VA home loan programs, though they don’t have greater advantages. One advantage they do contain, though, is federal insurance, which would insure more than half of a loan, while a VA loan can’t. This is worth considering for all would-be borrowers.

FHA home loan programs are there to help with the needs of prospective borrowers, with fewer benefits than the VA home loan programs. Despite that, there are still many good features in the FHA home loan programs, including:

•Low down payment
• Government mortgage security, which can turn into better terms from lenders
• Flexible terms
• Adjustable payment options
•Solid interest rates and payments
•Many refinancing options for existing FHA home loan programs mortgages

Qualified buyers can get many benefits from both VA home loan programs and FHA home loan programs. With these programs’ benefits and flexibility, many home buyers are turning to the programs to find advantages they weren’t aware of.

Article Source: http://ezine-articles-planet.com

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 pr

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