if you want to save a lot of money and you happen to be a Veteran then you need to read this article I will be telling you how you can save a good chunk of cash, find out how you can get up to $1,500.00 towards the closing costs. Now if you are Vet like me ( I was in the Marines, nothing personal if you were not ) and you have been thinking about how to get a home loan because you have a goal of buying a house or because you are in need of refinancing your home. Then you really need to know the benefits of getting a VA home loan as well as getting started, because as a veteran, VA home loans do offer you some very good benefits. But before you can get your va home loan there is one thing that you will have to do, and its something that everyone has to do to get their Home loan Benefits. I will talk about that at the end of this post but for now we will go over some of the benefits of a VA Home loan. If you are a veteran and have not looked in getting a home using your VA benefits, it may be a good time to just see what you may qualify for.
Find out how you can get up to
$1,500.00 towards the closing costs
1) Zero Down
One of the biggest and most obvious benefits that a VA home loan offers is zero down. Basically you can purchase a home without having to put any down payment. Now keep in mind that this does not include closing costs or costs associated with a getting a home loan such as an appraisal. You will still have to pay for those costs but your over all out of pocket, how much money you need is much, much, much less than for the general public. Everyone else has to put down much more such as 3.5 % for an #fha loan or 5-10% or more conventional.
2) NO Mortgage Insurance !
This is huge in today’s world especially on a FHA loan where the mortgage insurance comes for life if all you did was put down 3.5%. On a VA home loan there is no mortgage insurance which can easily be an extra $300.00 a month.
3) NO Prepayment Penalty
Is allowed on a VA home loans. So if you happen to win the lottery or just want to pay it off making extra payments you can without worrying about some kind of prepay because the lender will not make all their money on the interest.
4) Lower Closing Costs
The VA will put limits on the fees that lenders can charge to borrowers. Even though it may be your first time buying a home or getting a #va home loan they make sure you are not paying too much in lender or junk fees.
5) The Loan Is Assumable
Most VA loans are assumable which means you can transfer the loan to another VET as long as they qualify as well for the loan. Now this could be a huge selling point for you if you ever plan on selling your home especially if the rates go up and you have a loan with a much lower rate than what is out there.
These were just some of the few benefits of a VA home loan, curious for more information give us a call, and whether you are still in the military or did your service we can help you qualify for a home loan. Call us and we can help you see what you qualify for. Now if you are interested in saving a log of money for those that are VETS and qualify for our Veteran Appreciation Loan. We will be 1) reimburse your appraisal costs up to $500.00 at closing. We will also provide a lender credit of $1,000.00 to home loans of $300,000.00 or more. If your loan is less than $300,000.00 will provide a lender credit of $500.00. The lender credit is to be used to pay down closing costs depending on closing costs you can get a home very little. But you must mention you read it HERE.
What You Have To Do Before You Can Get A VA Home Loan
Yes there is one very crucial step you must do in getting a VA Home Loan, you will have to request for your certificate of eligibility. This is issued to you from the Veterans Administration and your lender will need this to insure that you do qualify for Veteran benefits. Getting your certificate is easy and the link below will outline the steps you need to follow.
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