What is a VA loan? The Department of Veterans Affairs (VA) guarantees loans made by VA-approved lenders, under VA guidelines, to eligible veterans, reservists, and active duty members of the armed services. The VA guaranty reduces the risk to the lender, allowing lenders to lend at lower rates, more favorable terms, and under more lenient requirements for borrower credit-worthiness. To obtain the VA guaranty, lenders must follow VA guidelines in assessing the credit-worthiness of the borrower and the value of the property. Loans made by VA-approved lenders that satisfy the requirements for the VA quaranty are called "VA Loans".

Is the VA loan a good choice for me? VA loans are a good choice for eligible borrowers who do not have the funds for a downpayment.

VA loan features:

• No downpayment required (unless required by the lender or the purchase price is higher than the reasonable value as determined by the VA).
• Cash Reserves not Required.
• Lenient on derogatory credit history. Borrowers with a Chapter 7 bankruptcy that was discharged more than two years ago, and who have re-established good credit, can qualify. Borrowers paying off debts under Chapter 13 can qualify if one year of the pay-out period has elapsed, performance has been satisfactory, and the Bankruptcy Judge or Trustee approves the new credit.
• Closing costs and prepaid expenses can be paid by the seller.
• Energy efficient improvements can be financed into the loan.
• Streamline refinance available. Your VA loan can be refinanced without your having to requalify on income or credit, as long as you have made all your mortgage payments on time. No appraisal is required and closing costs can be financed into the new loan.

To qualify for a VA loan, borrowers must satisfy lender guidelines for income, assets, and credit. For more information, contact Allied Home Mortgage.

For more information on the VA home loan program, see Information on the VA Home Loan Program on the VA website. For information on eligibility requirements, see Am I Eligible for VA Home Loan Benefits? on the VA website.

To apply for a VA loan, fill out our short prequalification form, or submit an online application, or call us at 503-356-2241.

Allied Home Mortgage offers competitive rates, low fees, and superior service on hundreds of loan programs, including conventional, FHA, VA, and USDA Guaranteed Rural Housing. At the Hillsboro, Oregon branch we are licensed to originate home loans throughout Oregon and Washington. We specialize in financing real estate purchase transactions, including manufactured home land-home packages. We also offer rate and term refinances, cash-out refinances, home equity loans, and construction loans. We welcome applications from first-time homebuyers, borrowers with limited income and assets, and borrowers with damaged credit that have been turned down elsewhere. Click here for more information about us.

	Allied Home Mortgage Capital Corporation 111 SE 3rd Ave, Suite C Hillsboro, Oregon 97123 503-356-2241
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