HELPING OUR HEROES FIND A HOMEby Margo S Morgan Your real estate match maker
Reality Services will help find homes for our heroes. We specialize in providing
real estate services for Active duty, Reservists, and Veterans Armed Services
members. As a Veteran, we have a burden to ensure that our fellow members
of the Army, Navy, Air Force, Marine Corps, Coast Guard, or as a commissioned
officer of the Public Health Service, the Environmental Services Administration
or the National Oceanic and Atmospheric Administration are provided the best
housing options to which they are eligible.
ARMED FORCES: VETERANS,
RESERVISTS, AND ACTIVE DUTY MILITARY MEMBERS
WHAT IS A VA LOAN
A VA-guaranteed loan is a loan made by private lenders (such as banks, savings and loans, or mortgage companies) to eligible Veterans, Reservists, or Active duty members. If you want to purchase a home, condominium or manufactured home, the VA can guarantee up to $453,100 of the total loan — much higher than you can get with most conventional home loans – in most South Florida counties. If you are considering refinancing an existing loan, VA offers you two options. You can either refinance to reduce your current interest rate or you can take equity out (cash-out). The “cash-out” option is limited to $144,000.
Additionally, there is no need to worry about a down payment (the portion of the home purchase price which the buyer pays in cash and does not finance) with a mortgage on a VA loan. However, certain funding fees (the percentage of total home loan paid to the VA at time of loan closing) and closing costs (expenses over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property, aka settlement costs) apply, and you must pay a portion of these fees upfront.
With a VA guarantee, you
get a mortgage with a competitive interest rate. The lender you borrow money
from is protected against loss up to the amount of the guarantee if you fail to
repay the loan, and you have the flexibility to purchase a great home. Visit
the Veterans Administration website for
the current table of VA Funding Fees and for information on veterans who are
exempt (pay zero) from funding fees.
Specifically, a VA home loan can help veterans:
- Buy a home or residential condominium
- Build a home
- Repair, alter or improve a home
- Refinance an existing home loan
- Buy a manufactured home with or without a lot
- Buy and improve a manufactured home lot
- Install a solar heating or cooling system or other weatherization improvements
- Purchase and improve a home simultaneously with energy efficient improvements
- Refinance an existing VA loan to reduce the interest rate
- Refinance a
manufactured home loan to acquire a lot
ADVANTAGES OF A VA LOAN
The VA Loan program is the most powerful home loan program on the market for many veterans, reservists, active duty members and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans and other military members who might otherwise struggle to obtain financing.
- Equal Opportunity for ALL qualified Veterans to obtain a VA Loan
- No Down Payment (unless required by the Lender or the purchase price is more than the reasonable value of the property)
- No Mortgage Insurance
- One Time VA Funding fee that can be included in the loan
- Veterans receiving VA Disability Compensation are EXEMPT from the VA Funding Fee
- VA limits certain closing costs a Veteran can pay
- Can be assumed by qualified persons
- Minimum property requirements to ensure the Property is safe, sanitary, and sound
- Dedicated VA Staff to assist Veterans who become delinquent on their loans
- Less stringent qualifications
- Lower monthly payments
Created on Aug 5th 2019 12:55. Viewed 45 times.