VA loans

text veterans than you for your serviceFor many that qualify,  a VA loan can be a wonderful way to purchase a home. VA loans are designed to help active duty military, veterans and some other groups purchase homes at an affordable cost. A VA loan is one of two mortgages that allow zero down! A VA loan requires no down payment, no monthly mortgage insurance and has lenient rules for qualifying.

VA loans do not require a down payment. VA loans and USDA loans are the only two mortgages that do not require a down payment. This can allow you to purchase a home much easier than having to save money for your down payment.

VA loans do not have a monthly mortgage insurance payment. There is a VA funding fee that can be added to the mortgage. The amount of the VA funding fee will vary based on the down payment and if you have used the loan before. If it’s your first time using it and you do not put any money down, the VA funding fee is 2.3%. If you put 5-10% down, the VA funding fee is 1.65%. However if you have used your VA mortgage before, the VA funding fee will increase to 3.6%. If you have any VA disability, the VA funding fee may be reduced or waived entirely.

VA loans are assumable, this means when you go to sell your home, the buyer can assume your mortgage. With interest rates as low as they are now, that could help you sell your home in the future.

How do you know if you qualify for a VA mortgage? Here is a list of eligible VA borrowers:

  • Active duty service members
  • Members of the national guard
  • Reservists
  • Surviving spouses of veterans
  • Cadets at the US Military, Air Force or Coast Guard Academy
  • Midshipmen at the US Naval Academy
  • Officers at the National Oceanic & Atmospheric Administration

There is a minimum term of service required. Usually you need to meet one of these requirements:

  • Serving 181 days of active duty during peacetime
  • Serving 90 days of active duty during wartime
  • Served 6 year in the Reserves or National Guard
  • Your spouse was killed in the line of duty and you have not remarried

Your VA benefit for the home loan program never expires and you can reuse it. You can apply for a home loan by using a lender that offers VA loans – most do. You can also shop around to compare interest rates and closing costs.

Since this weekend is Memorial Day, I wanted to say thank you to all those that have served our country and especially those that have made the ultimate sacrifice to our country. Thank you to your families also! I appreciate your time and sacrifice!!

Leslie Vanderwerf,  NMLS ID#335509, Cross Country Mortgage LLC, An Equal Housing Lender, NMLS#3029 – Email – Website

 

 

 

Written By

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!

Related Posts

Weekly real estate market update 2/14/25… record percent of buyers plan to move this year

🖨 Print Article Showing activity is in a slump compared to the last three years… not sure if it is because of the SuperBowl last weekend or the cold snap...

Cost vs Value 2024… best home improvements for resale value

🖨 Print Article In the 2025 Outlook for Home Remodeling, Carlos Martin, Director of the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, explains: “. . . homeowners...

Subscribe to Our Newsletter for Market Updates & Mid-Century Modern Listings

Our weekly HomesMSP Update includes current local market information and a curated list of mid-century modern properties for sale, plus posts from an inspector, a lender, a stager, info about neighborhoods, life in the Twin Cities… even recipes!

This field is hidden when viewing the form

Blog Categories

Archives

Sharon and John Hensrud

About Us

The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.