At a time when many families are struggling to obtain home financing, the VA offers U.S. Veterans and service members a financing option unlike any other. If it were widely available, the terms of the VA home loan would make it the most popular mortgage. Instead, it’s reserved for those who have proudly served their country.
Let the VA loan program honor your service.
A VA loan allows an eligible service member to get 100 percent financing on a home without having to pay for monthly private mortgage insurance. That’s zero percent down, compared to the 3.5 to 5.0 percent down payment required on other loans. In addition, there is no cost for monthly mortgage insurance
To further save eligible service members money, the VA limits the amount the veteran can pay in closing costs and sellers are permitted to make a contribution of up to 4.0 percent.
Are you eligible?
VA makes their home loan available to veterans and active service members of the Army, Navy, Air Force, and Marines. In addition, reservists, National Guardsmen and the spouses of deceased veterans also qualify for VA benefits. Guidelines are different for active-duty and reservists, contact me and I will see if you are eligible.
The loan is not limited to first-time home buyers. In fact, it can be used over and over again, so long as it is not being used to purchase more than one property at a time. It also can be used a great option for rate and term or cash out refinance no matter what kind of loan you have now if you are already in a mortgage.
Ready to get started?
The steps are easy: Get preapproved for the loan, apply for a Certificate of Eligibility, find the home you want to buy, and negotiate the contract. Once you have a contract, the lender will order a VA property appraisal and then you close the loan and move in to the home of your dreams.
As a veteran of the US Marines and Disabled American Veterans life member I really love getting a chance to help other veterans utilize the benefits that we earned.
Original article at http://blog.phmc.com/2013/09/20/mortgage-program/va-home-loans-outrank-all-other-financing-options/
James Werner
NMLS ID # 137331
765-321-1604 Cell or Text
Hoosier Lender Indiana Mortgage Blog 