VA Loans, helping veterans achieve the dream of home ownership

Posted by Mary Ray on Tuesday, October 30th, 2012 at 4:50pm.

redwhiteblueoneAre you a veteran or active duty Military member?  Thinking of buying a home but feel it’s out of your reach?  Well a VA loan would be a great option for you!  In 1944 Congress created the VA loan to help those returning from active duty to achieve the American dream of home ownership.  Over the years Millions of Veterans have realized the dream of home ownership by using a VA loan.   

Today, VA Loans have turned into a lifeline of hope for past and present military members of our armed services looking to buy a home and who have struggled to deal with tougher credit standards and down payment requirements made by lenders.  A VA loan helps eligible veterans and active-duty service members with lower incomes and less-than-perfect credit to become homeowners. (VA Fact: a large amount of the people who get a VA loan would not have qualified for a conventional loan)

What are some of the benefits of a VA Loan?  Quite possibly one of the best things about a VA loan is the ability to purchase a home if qualified with NO down payment! That’s right, zero, nada, zip…no down payment to qualified buyers as long as the sales price doesn't exceed the appraised value.  Also a VA loan has less strict credit standards and requirements often required by conventional loans.  There is no (PMI )Private Mortgage insurance required.  PMI is a monthly expense that conventional borrowers are required to pay if they do not put up at least 20% of the sales price as a down payment.  Another great benefit of a VA Loan is the seller can pay for your closing costs. (This is a key point to remember when you and your Realtor are negotiating the sales price) Also the VA rules limit the amount you can be charged for closing costs.

Who qualifies for a VA loan?  Veterans, Active duty personnel, certain reservists and National Guard members, surving spouses of persons who die on active duty or die as a result of service connected disabilities, Certain spouses of active duty personnel who are (a) missing in action or captured in line of duty by hostile force or forcibly detained by a foreign government or power

How do I find out if I qualify for a VA loan?  http://www.benefits.va.gov/homeloans/eligibility.asp  for information on qualifying for a VA loan. Also give us a call, as Realtors here in Cape Coral and Ft Myers Florida, we are experienced in working with veterans and can help you thru the process and find your dream home.  We also understand about being a veteran and active duty military.  My father retired from the United States Air Force, my brother was a Marine and my son and daughter in law are both active duty in the United States Air Force. My son and his wife recently bought a home using a VA Loan!  We are proud of our family and their military service. We strive to help those who have served in the Military.  Let us help you find your home here in Cape Coral or Ft Myers Florida.

Some more facts you should know about a VA Loan: You don’t have to be a first-time home buyer. You CAN reuse the benefit. VA-backed loans are assumable as long as the person assuming the loan qualifies.

Link to VA Loan government site for more info: http://www.benefits.va.gov/homeloans/

 

 

By David Sporleder | Sporleder-Ray Realty Group | david@davidsporleder.com| Google+

 

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