Veterans Home Loan Benefit

                        What is the Home Loan Benefit?

The Home Loan Benefit is a mortgage product desiged specifically for veterans, and with the veterans needs in mind and in my opinion the best loan you can get.

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

The rules differ significantly from conventional loans. A VA loan is not as FICO Score driven and no mortgage insurance is required. Remarkably, however, very few veterans know about it!

Here's a brief rundown of what makes the VA loan so great:

• No Down Payment
• No Mortgage Insurance
• Low interest rates
• Easier qualifying
• No Prepayment penalties
• Sellers can pay closing costs
• First time homebuyers are accepted
• 100% refinancing loans are available

 You can see why I'm an avid fan of VA loans!

How Do I Know If I Qualify?

There are two phases to "qualifying" for a VA loan.

First:

Does your service qualify for the benefit? To find out, answer the questions below:

• Did you serve 90 days or more during wartime?
• Did you serve 181 days of active duty in peace time?
• Were you honorably discharged?
• Are you currently active duty with 90 days or more in service?
• Are you the surviving spouse of a veteran (who died in service or from injuries sustained in service) and have not remarried?
• Are you a reservist who deployed 90 days or more in a combat zone?

Second:

Do you qualify for a VA loan?

You will need help in this phase to determine if you qualify for a VA loan.  You will need to speak to a qualified VA lender who will look at:

• Credit:  The VA loan is a great advantage for those with marginal credit.  Don't just assume that you can't get a VA loan with dings on your credit.  We can help you with this!

• Employment: Optimally you will have 2 years employment history, again there are exceptions so let us do a free Government loan analysis to give you peace of mind.

• Income:  You or both you and your spouse must have stable income that will cover your VA loan and other bills. We'll be happy to calculate this for your. 

 What Do I Do First?

First let's talk about the don'ts...Don't engage a realtor and don't go put a contract  on a house without first being pre-qualified! Don't create new debt and don't run-up balances on your credit cards.

Now would be a good time, however, to leave as much money as possible in your bank account!

What Do I Do Next?

1. Fill out the Government Homebuyers Analysis
2. Get Pre-Qualified for a loan so you know what price home you can afford to buy.
3. Bring in your DD-214 so your Loan Specialist can get your Certificate of Eligibility.
4. Gather the items that your Loan Specialist requested to document your loan.
5. Now you can begin looking for that special home for you and your family!
6. Our VA Loan Specialist will keep you informed and guide you through the process up to and including closing on your home.

Before you know it, you'll be receiving the keys to your new home!

VA REFINANCE

There are two types of VA Refinances:

VA Streamline Benefit

• No appraisal is required
• No out of pocket costs
• Lower interest rate
• No income verification

VA Cashout Benefit

• 100% Financing
• No out of pocket closing costs
• Fixed Rate mortgage
• Use cash to pay off debt!!

Now you can see the enormous value of your VA Benefits!  Contact us today to get started!