| CONVENTIONAL LOANS
Conventional loans are loans that are not guaranteed or insured by the government. Mortgage Bankers, Banks or Savings and Loans normally fund conventional loans. They are traditionally originated to conform to FNMA or FHLMC standards.
FHA LOANS
The FHA loan program makes buying a home easier and less expensive than other types of real esate mortgage home loan programs.
Click here for valuable information on FHA home loans.
VA LOANS
DD-214S NOW ONLINE
The National Personnel Records Center (NPRC) has a website for veterans to obtain their DD-214s on line (http://vetrecs.archives.gov). NPRC is also making it easier for veterans to obtain copies of documents from their military files by using the online military personnel records system to request documents. Other individuals with a need for documents must still complete the Stand Form 180, which can be downloaded from the website. Because the requester will be asked to supply all information essential for NPRC to process the request, delays that normally occur when NPRC has to ask veterans for additional information will be minimized. The new web-based application was designed to provide better service on these requests by eliminating the records centers mailroom and processing time.
Who is eligible for a VA loan:
Veterans with active duty service, that was not dishonorable, during World War II and later periods are eligible for VA benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days service. Veterans with service only during peacetime periods and active duty military personnal must have had more than 180 days active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must in most cases have service at least 2 years.
Gulf War - Basically, reservists and National Guard members who were activated on or after August 2, 1990, serviced at lest 90 days and were discharged honorably are eligible. VA regional office personnal may assis with eligibility questions.
Click here for valuable information on the VA home loan program.
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