Key Points For VA and FHA Loans

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs. The loan may be issued by qualified lenders.

VA loans are being offered by a lot of different groups that have tie ins with the Veteran’s Administration, so when checking out the various loan options, you should look at the seven following tips to ensure that you find one that’s right for you.

• Check your eligibility for the loan
• Check your credit rating
• Occupancy is Important
• Consider Income when applying for the Loan
• Consider your Status of service
• Don’t start house hunting till after you know the size of the loan
• VA loan refinancing is also a very good way

And for FHA Loan you must also have stable income for 3 years. You must also present proof that you pay all your bills on time. In addition to that, you must make a 3% down payment. This is lower than most loans.