Since this Saturday is Veteran’s Day, what a perfect time to thank our vets and remind them that a VA loan can be a great way to purchase a new home! VA loans are one of two zero down loans left, the other is a USDA rural development loan.

VA loans are available to those that have served in our military and are either active duty or discharged with an honorable discharge. You will need a certificate of eligibility from the VA to show that you have the VA benefit. If you have used your VA benefit in the past, you may need to get your eligibility restored.

VA loans are a great way to buy a home, you do not need a down payment. There is not any monthly mortgage insurance, there is a VA funding fee. The fee varies based on whether you are active duty, reserve or if you have used your eligibility in the past.  It can be added to your mortgage. If you have any VA related disability, you may be eligible for a reduced or eliminated funding fee.

You will need sufficient income and credit to qualify for a VA loan.  You can ask the seller to pay closing costs up to 4%.  There are also fees that typically cannot be charged to a veteran.  In this area, it’s common to see underwriting fees, administrative fees and sometimes closing fees waived for veterans.

You can also use a VA loan to refinance your current home. If you currently have a VA loan, you may qualify for a VA Interest Rate Reduction Refinance. This can be a quick way to refinance your current loan to a lower interest rate. You may also be able to take cash out of your home by using a regular VA loan.

If you think you should be able to qualify for a VA loan, contact your lender. If you have access to your DD214, it helps to get your certificate of eligibility.

For those veterans and their families reading this, I thank you for your service to our country! I know you have sacrificed for all of us and I appreciate your time serving our country.

Leslie Vanderwerf,  NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website

About Leslie Vanderwerf

Currently a Branch Manager for American Mortgage and Equity Consultants, Inc., it's hard to believe I have been in the mortgage business for more than 25 years and have worked with Sharlene since 2000! I love sharing mortgage insights here each week and helping people finance their homes. Listening helps me find the right program for you!

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