Posted on: 04th Oct, 2013 01:15 am
How long will it take to get an approval for a VA loan? & Is VA better than FHA?
VA loan and FHA loan cannot be compared as they are 2 different types of loans. VA loans are mainly available to the American veterans or their surviving spouses who have not remarried. The main aim of this loan program in to help veterans in homeownership with no down payment requirements. FHA loans, on the other hand, can be available to all if they meet the basic lending criteria. Both VA loans and FHA loans are government insured loans. However, FHA loans require a down payment of 3.5% - 5%. As there is a government shutdown now, getting a VA loan approval can take time. As far as FHA loans are concerned, you should get in touch with the FHA lenders and check out how much time will be required to qualify for the loan.
Welcome Sherpyy,
You can get to know all about VA loan from the given page: http://www.mortgagefit.com/va-loan.html
Take a look at it. I hope it will help you.
You can get to know all about VA loan from the given page: http://www.mortgagefit.com/va-loan.html
Take a look at it. I hope it will help you.
If you a veteran or have served in the military, then you can take out a VA loan. However, you should know that VA loan and FHA loan are not the same. On the other hand, FHA or Federal Housing Administration loans are the ones which are insured by the Federal Government. The government does not provide money directly to the borrowers.Rather, it'll outsource the loan applications to the eligible lenders.