As a member of the military, you have earned valuable benefits including the VA Loan program designed to help service members and their families purchase a home. The VA Loan has many advantages that make it one of the most appealing paths to homeownership, including:
Many find that the biggest obstacle to buying a home is saving up for the down payment. With a VA loan, most veteran homebuyers are not required to put any money down. There will be several factors that make up this decision and can be easily answered by speaking to one of our preferred lenders.
Mortgage insurance is required on loans in which a borrower does not place 20% down towards the loan amount. The mortgage insurance can range from a few hundred dollars per month and upwards. That means by using your VA loan you would have saved thousands of dollars over the course of the loan.
You are allowed to pay off your loan whenever you want without paying any penalties.
As a veteran you have flexibility on what type of property you would like to purchase. For example, a home, condo, manufactured home or new construction
Known as Basic Allowance Housing can count as income for qualifying active duty members.
Military service can sometimes strain your financial situation. You are not alone. Approximately 80% of veterans and service members don’t qualify for conventional financing. The VA Loan provides flexible qualification standards, opening the door to homeownership for millions.
Since the VA provides a financial guaranty on each VA Loan, lending institutions carry less risk and don’t require private mortgage insurance. This can save you hundreds of dollars each month.
Completion of a VA “Quick Form” is required to initiate the VA loan process with a local VA loan support specialist. The information you provide is kept private and not released or sold to any outside vendors or agencies.
When you obtain a loan to purchase a home there will be closing costs involved which typically run thousands of dollars. When using your VA loan, you have the option of rolling those closing costs into the loan, freeing up more of your money for other things, like moving trucks, furniture or just keeping it in the bank.
If during your time in duty you sustained a status of 10% or more disability than there might be some additional financial relief covered with the VA loan. You will want to call me so I can connect you with a professional VA lender to go over the details.