VA Farm loans were created to offer veterans specific options that are guaranteed by the government. Most loans of this kind are utilized to purchase residential properties such as farms; however, refinancing an existing property's note may also be an alternative with this kind of lending arrangement. In certain cases, money can be borrowed to improve a house that is located on a farm.
The Department of Veteran's Affairs assists thousands of veterans each year to purchase farms. This Department, often abbreviated VA, does not provide the funds, but it guarantees that the money will be repaid by the borrower. This encourages the lending institution to offer reasonable terms and conditions to those who have served their country.
Whether or not a person is is in active duty, as well as the amount of money desired, are the two primary aspects on which qualification depends. Financial planners state that the lending industry has been significantly helped by loans that are backed by the VA. Additionally, they state that both banks and borrowers alike will find such lending arrangements advantageous.
The aforementioned loans were created to compensate men and women for their service to their country. In some cases, however, such arrangements do not always offer the best interest rates and terms and conditions. For example, an applicant who already qualifies as a borrower may be offered rates that are similar or even better than VA loan rates if he or she has a good FICA score. Veterans with little or no resources on the other hand, may find the terms and conditions of such loans ideal. In some instances, an individual would not be able to obtain a property if this type of program was not offered.
To acquire a loan of this type, the borrower must provide a certificate of eligibility. One can request such a document form the Department of Veteran's Affairs. After obtaining the necessary paperwork, the veteran can enter into a transaction with a real estate agent or another consumer to purchase a farm. The farm must be appraised by the VA before the sale is finalized.
One's military service is the primary factor that determines whether or not he or she is eligible. The nature of the service and the time frame of the person's service may also influence the terms and conditions of the arrangement. To qualify, one must have served a minimum of six months consecutively during peace time, or three consecutive months during times of war. Such lending arrangements are typically not available to those who were discharged dishonorably.
The aforementioned loans have long been guaranteed by the United States Department of Veteran's Affairs. They are available to essentially any person who has served in the military. Then-President George W. Bush, in October of 2008, signed into law the Veterans' Improvement Act. The latter restructured the program in order to ensure it would survive the collapse of the real estate market that occurred at the same time.
Those who qualify will find that there are myriad benefits associated with VA farm loans. For this reason, those who are interested in obtaining such a loan are wise to speak to a financial adviser or real estate professional to start the process and ultimately acquire the desired property.
The Department of Veteran's Affairs assists thousands of veterans each year to purchase farms. This Department, often abbreviated VA, does not provide the funds, but it guarantees that the money will be repaid by the borrower. This encourages the lending institution to offer reasonable terms and conditions to those who have served their country.
Whether or not a person is is in active duty, as well as the amount of money desired, are the two primary aspects on which qualification depends. Financial planners state that the lending industry has been significantly helped by loans that are backed by the VA. Additionally, they state that both banks and borrowers alike will find such lending arrangements advantageous.
The aforementioned loans were created to compensate men and women for their service to their country. In some cases, however, such arrangements do not always offer the best interest rates and terms and conditions. For example, an applicant who already qualifies as a borrower may be offered rates that are similar or even better than VA loan rates if he or she has a good FICA score. Veterans with little or no resources on the other hand, may find the terms and conditions of such loans ideal. In some instances, an individual would not be able to obtain a property if this type of program was not offered.
To acquire a loan of this type, the borrower must provide a certificate of eligibility. One can request such a document form the Department of Veteran's Affairs. After obtaining the necessary paperwork, the veteran can enter into a transaction with a real estate agent or another consumer to purchase a farm. The farm must be appraised by the VA before the sale is finalized.
One's military service is the primary factor that determines whether or not he or she is eligible. The nature of the service and the time frame of the person's service may also influence the terms and conditions of the arrangement. To qualify, one must have served a minimum of six months consecutively during peace time, or three consecutive months during times of war. Such lending arrangements are typically not available to those who were discharged dishonorably.
The aforementioned loans have long been guaranteed by the United States Department of Veteran's Affairs. They are available to essentially any person who has served in the military. Then-President George W. Bush, in October of 2008, signed into law the Veterans' Improvement Act. The latter restructured the program in order to ensure it would survive the collapse of the real estate market that occurred at the same time.
Those who qualify will find that there are myriad benefits associated with VA farm loans. For this reason, those who are interested in obtaining such a loan are wise to speak to a financial adviser or real estate professional to start the process and ultimately acquire the desired property.
About the Author:
Get the latest rates for VA farm loans by referring to this lender at www.farmloancenter.com/. To apply right now, go to http://www.farmloancenter.com.