Whenever we have a holiday like July 4th or Veteran’s Day or Memorial Day, it reminds me that we always need to say thank you to those that serve our country! Since July 4th was this week, I thought it would be a good time to remind homebuyers that VA loans are a great way to purchase a new home!
A VA mortgage is one of  the benefits of serving in our military. It allows you to purchase a home with zero down and no monthly mortgage insurance!  There is a VA funding fee charged but that can be added to your mortgage. If you have a VA related disability, the VA funding fee may be waived too!
VA mortgages are available to those that have spent enough time in the reserves or for those that have served on active duty. There are different guidelines that apply for the length of time you need to serve. Â You can use the mortgage to purchase or to refinance a home. Â You can use it more than once – as long as it is paid off or down enough to give you enough eligibilty to purchase again. When you sell your home, you can sell it with an assumable mortgage – that means the buyer can assume your current mortgage rate. Â It does affect your ability to re-use the VA mortgage benefits until the home loan is paid off, but it may be an option to help you sell in the future.
VA rates are also lower typically than conventional rates – every person is different but depending on credit scores, etc, you may be able to get a lower rate with a VA loan.
If you think you may be able to qualify for a new home using a VA loan, talk to your loan officer and see if you qualify! Â VA loans can be a great way to purchase your next home!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website
