What Most Veterans Do Not Know About VA Home Loans

Dated: 11/05/2018

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The biggest advantage, of a VA home loan, you do not need a down payment.  Some mortgage programs such as FHA and Conventional loans require at least 3.5% down.   Rather than years of savings for a down payment, with a VA loan you can buy immediately.  VA loan will also help you avoid steep mortgage insurance fees.  A VA home loan buyer could afford a home worth $30,000 more with the same monthly payment just by eliminating PMI.  VA home loan will save you money up front and will increase your buying power tremendously.

You can use your benefits again and again.  You can use your VA loan as many times as you want.  Your benefits never expire with a VA loan once you have earned eligibility it never goes away.  If you are wondering whether you can still buy a home today using your benefits because you served 20, 30, or even 50 years ago.  If eligibility can be established, then the answer is YES!  You can check eligibility by obtaining your DD 214 with this document your VA approved lender can request your certificate of eligibility or you can request it at http://www.ebenefits.va.gov/  

Surviving spouses may be eligible un-remarried spouses of servicepersons who were killed in action can buy a home with zero downpayment and no mortgage insurance. Plus, the VA funding fee is waived.

VA loan rates are lower than those of conventional loans.  VA backs the mortgage, making it lower risk for lenders and those savings are passed on to veterans.

VA home loans are available from local lenders.  VA provides insurance to lenders, called the VA guaranty.  Making it convenient for you to work with your chosen lender.  I have partner lenders that I can suggest to help you with your VA home loan, that are very familiar with the process. And of course you can choose your own lender as well.

Buy Refinance or tap into Home Equity.  The VA home loan benefit is not just for buying homes, but you can also use it to refinance your existing mortgage, whether it’s a VA loan or not.  The VA cash-out loan amount can be up to 100 percent of your home’s value in many cases. Use the proceeds for any purpose – home improvements, college tuition, or even a new car. Homeowners can also use it to drop their rate and take cash out simultaneously, essentially accomplishing two goals at once.  

Lenient guidelines for lower credit scores, bankruptcy and foreclosure.  A Lower credit score, bankruptcy or foreclosure does not disqualify you from a VA home loan, unlike many loan programs.

VA funding fee waiver, VA typically charges a funding fee.  The amount of the VA funding fee is determined by the type of military personal, down payment, and how many VA loans have been used.   Not everyone pays a funding fee, Disabled Veterans who are receiving compensation for a service-connected disability are exempt. Veterans who are eligible for disability compensation, but are receiving retirement or active duty pay instead, are also exempt from the fee.

You can buy many types of properties with a VA home loan, Single family residence, home of up to four units, manufactured homes, and even condos.  With condos however they have to be on the list of approved condominium communities.  

If you are looking to Sell or purchase a home, I would love to help you in this process I am a certified Military Relocation Professional.  I am also a spouse to a retired U.S Marine who proudly served this country for 23 years.  Together with my experience and love for my military family I would love to be your Realtor of choice.  Contact me with any questions:  Michelle Setien 863-236-9092


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