The Greatness of the VA Loan

The VA Loan is an incredible program for our country's veterans and active duty military members. There's no question the VA loan is one of the best out there right n...

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The Greatness of the VA Loan

Posted by Danny Force on Sunday, July 3rd, 2016 at 9:50pm.

The VA Loan is an incredible program for our country's veterans and active duty military members. There's no question the VA loan is one of the best out there right now for eligible buyers. With the ability to have no down payment and some closing costs paid for, it's an incredible time for those who qualify to be able to get into their first home.

With a father who served in the Gulf War, and a grandfather who served in Korea, I know all about military life. Having the Military Relocation Professional certification is a tremendous honor in the real estate community, and I am very proud to serve military members with their real estate needs. From the bottom of my heart, thank you for your incredible sacrifice and dedication to this country.

Who can use a VA loan?

Military (Active Duty, Reserve, National Guard, or Veteran), Department of Defense Employee, or Department of Homeland Security Employee.

So what are the benefits of a VA Loan?

  • No down payment required as long as the sale does not exceed the appraised value
  • Loan-to-value ratio of 100% on a home up to a $417K home in value.
  • No private mortgage insurance
  • No penalty for early payoff
  • Loan is assumable by another qualified veteran borrower (or non-vet, but VA won't be allowed to be used until paid off)
  • May apply for a new loan two years sooner after a bankruptcy
  • If vet if at least 10% disabled, there is no funding fee on the loan
  • If vet is 100% disabled, there are no property taxes in the State of Texas
But wait, there's more! (Do I sound like an infomercial yet?)
 
Have you heard of the PenFed Foundation Dream Makers Grant? It can save you a ton on closing costs and down payments!
 
Eligibility:

  • Military (Active Duty, Reserve, National Guard, or Veteran), Department of Defense Employee, or Department of Homeland Security Employee.
  • First Time Home Buyer, have not owned a home for the last 3 years, or lost a home through divorce or disaster.
  • Gross annual income of all applicants used to qualify for mortgage is no more than the greater of $55,000 or 80% of area median income adjusted for family size.
Process:
  • Applicants  start by deciding the amount of money they can contribute in down payment and closing costs. The minimum applicant contribution is $500
  • The applicant's contribution plus the Dream makers grant must be at least 3% of mortgage amount.
  • The Dream Makers program matches the applicant's contribution 3-1, up to a maximum $5000.
  • Applicants must attend a home-buying educational seminar in the area or online.
  • To find more information on the Grant, go to www.pentagonfoundation.org and select Dream Makers.

    So if you're in the market to buy a home, Contact Me Today! I can help you get set up with mortgage and insurance people to make sure you're able to buy a home and have the best coverage.


    Subscribe to my YouTube channel for the Home Buying Process!


    You can also get a copy of my Home Buyers Handbook when buying to learn about the process!

     

Danny Force, Realtor
DFW Legacy Real Estate Group
613 N. Walnut St.
Roanoke, TX 76262
C: 817-903-5442
danny@dannyforce.com

1 Response to "The Greatness of the VA Loan"

The Different Mortgage Types wrote: [...]Insurance


-       Loan limit up to $417K (for 0% down)




More on the VA Loan HERE
Conventional:




-       Down payment of 5% required(3% for First Time Buyers)


[...]

Posted on Monday, July 18th, 2016 at 12:14am.

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