VA loans

Since Monday is Memorial Day, I thought is was a great time to remember VA mortgages!  A VA mortgage is a great way to purchase a home for those with VA benefits.

One of the top reasons to use a VA loan is that you do not need a down payment!  VA loans still allow you to buy zero down.  That can really help home buyers that have a hard time saving for the down payment.

VA loans do not require monthly mortgage insurance.  There is a VA funding fee that can be added to your mortgage.  The amount of the funding fee varies depending on your situation. If you have used your VA mortgage in the past, the VA funding fee will be higher. If you have a VA related disabilty, the VA funding fee may be reduced or even eliminated.

VA loans may be easier to qualify for – with no monthly mortgage insurance payment, it helps keep your payment down and may allow you to purchase more home.  

VA loans may have lower closing costs– there are some fees that cannot be charged to the vet.  The seller may pay them if the purchase agreement asks for seller paid closing costs.

In Minnesota, a disabled veteran can qualify for reduced property taxes.  Once you own your home, you can go to the county and fill in a form requesting this. The taxes may be lowered or even eliminated. I have had a couple clients that have done that. What a great benefit! Not everyone is aware of this, so remember to ask about it.

VA loans are assumable. This means when you sell your home, your buyer can assume your mortgage – with the low rates we have right now, that could help you sell your home.  You will have to remember that you lose that portion of your VA benefit so if you want to use your VA loan again, it can affect you.

VA loans can be a great way to buy a home.  Not every lender can do VA loans, so make sure you ask about them.

And most important – thank you to all those that have served in our military and their families!  I know how much you sacrifice for all of us and I appreciate it!  Thank you!

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

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Currently a Senior Loan Officer at Cross Country Mortgage LLC, 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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