The United States of America is involved in a war like no other – the Global War on Terror.  Those who have spent time on the front lines know that there is no other way to describe it – this is war at its worst.  Those returning from active duty in this war are finding themselves facing the same issues that every other war veteran has faced over the years.  Our veterans need to know that their country stands proudly in support of their service, and is ready to react to their needs.  On March 6, 2007, President Bush established the Task Force on Returning Global War on Terror Heroes.  This task force was to identify ways that a grateful nation could improve the delivery of Federal services and benefits to the service members and veterans of this War on Terror.

Click to continue - War on Terror Veterans

To some veterans and real estate agents, the VA home loan process is often stopped because of the VA appraiser that is assigned to the loan.

This may sound like a disadvantage but I have witnessed occasions where it was actually a blessing to the veteran that was applying for the VA loan.

The reason that loans are sometime brought to a standstill is because of what is often thought of as the "dreaded" VA appraiser. In other words the VA appraiser assigned doesn't assess enough value to the property that the veteran is trying to purchase or refinance. On other occasions I have seen them require repairs to the property that must be repaired before the lender will approve the loan.

Click to continue - The VA Home Loan Appraisal

It's true veterans do pay lower closing costs if they are use a VA home loan. The reason for this is because of "non-allowable" closing costs.

Click to continue - A VA Home Loan equals lower closing costs

One of the biggest advantages to a VA home loan is the lack of monthly mortgage insurance which results in a lower monthly payment.

Mortgage insurance is taken out by lenders to insure them against risk in the event that your loan defaults, it's not necessarily a bad thing but the lender passes that monthly payment on to you on top of your taxes and hazard insurance.

Until this year, MI rates weren't too bad if you had a low credit score but today they are extremely high if you have a score under a 620. I've seen MI payments of over $300 per month and if you purchase a home in 2007 it's only tax deductible for this year. To be fair, the typical mortgage insurance payment for a $100,000 home is going to be $50-$100 per month. It doesn't sound like a lot but after five years or so that $50-$100 per month adds up to $3000 - $6000.

Click to continue - The VA Home Loan, Funding Fee and Mortgage Insurance