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Are You a Veteran? What You Should Know About VA Loans!

November 1, 2015

Are you a Veteran?  A few years ago, virtually NO ONE used the VA loan program. Why? No one needed it! 100% financing was easy to get. Conventional financing advantages outweighed those of the VA program at the time. In fact, many of real estate agents who entered the field as long as 10 years ago had never worked with VA loans—that is, until the financing crisis hit and credit became nearly impossible to obtain in any form.

 

VA popularity has not only revived with borrowers, but is becoming the way to buy a home for our active and veteran service men and women.

 

The VA loan program can make it much easier for veterans to secure a home than with other loan solutions. This program is available to veterans and guaranteed by the Department of Veterans Affairs. Frequently VA loans offer lower interest rates than conventional financing. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement, which saves you even more money each month.

 

VA loans have many advantages over other types of loans:

  • Available to veterans, reservists, active-duty personnel, and surviving spouses of veterans, based on military entitlement

  • No down payment

  • No cash reserves

  • No application fee

  • Works with lower credit scores

  • FIXED rate

  • Jumbo loans available

  • Buyer is not allowed to pay certain closing costs, decreasing the closing costs for the borrower

  • May qualify to pay off some consumer debt with the refinance loan program

  • 1-4 unit primary residences may qualify with restrictions

  • Same basic Interest rate for all approved credit

 

Up to 100% financing (based on VA lending limits) may be available for purchase loans and up to 90% for cash-out refinances. Gift funds or bond programs for down payment and closing cost assistance are allowed.

  • VA Myths

  • You can only use the VA benefit once in your lifetime: NOT TRUE

  • VA purchases take longer: NOT TRUE

  • VA appraisals are slower: Possibly, but turnaround is not much different than conventional these days.

  • VA appraisals call for unnecessary repairs: NOT TRUE. VA simply requires property to be Safe, Sound and Secure.

  • I can get a VA loan from anywhere: True (but take it from me, you want an EXPERIENCED VA broker.

As you may know, I’m not a loan broker, but I can direct you to an experienced VA broker(s) who can provide you with full details on this quality benefit for service personnel!

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