Getting Ready to Buy / Today in History / Understanding Your FInances

Are You Utilizing Your VA Loan Benefits?

For those of you that we proudly commend for serving time in our USA military, you have an unbelievable benefit that many do not take advantage of.  Being a member of the US Military (former and present) you have a benefit offered by the government that allows you to purchase a home (with less qualifications and money down etc than non military). If you have not taken advantage of this benefit, you might want to look into it ASAP!  Here are a few of the benefits:

  1.  Only qualifying veterans are eligible
  2. No down payment is required, whereas other non VA customers have anywhere from 3-5% potentially to put down on a home they purchase.
  3. Other types of loans require the borrower to put down 20% or they have to pay a private mortgage insurance on top of their monthly monthly mortgage payment.
  4. Competitive interest rates in part because the loans are partially backed by the federal government.
  5. These loans are also available to surviving spouses of military personnel that passed away during line of duty or a spouse of one that dies due to a disability related to service.
  6. Seller of the home that a VA customer is buying, will contribute towards some of the closing costs.
  7. A funding fee is paid by the VA loan customer that helps to provide funds to the Veteran Administration to help to continue to offer VA loans to other future veterans. There are exceptions to some that would not be required to pay this funding fee.
  8. Besides purchasing a new home, there are other VA benefits related to refinancing your current home.

We all thank those that have PROUDLY served our country, and the VA Administration is also saying thank you in helping to contribute to be able to help in the costs of buying a home or refinancing a home.