VA Loan Info

Thank you for your service to our country!
Why should you use a VA loan to purchase a home? Hopefully, you will find the information below useful when considering utilizing your VA loan entitlement.

1. NO Down payment - 100% financing

2. Use BAH to accumulate equity in a home and INCREASE your net worth.

Instead of using your BAH to rent a home and put the money directly into a landlord's pocket, why not purchase a home and keep it for yourself? For similar payments and limited out of pocket expenses, as a homeowner, you can accumulate equity in the home and benefit from the appreciation of the property over time.

3. LOWER Interest Rates
Lenders face less risk on a VA loan since the loan is government backed and, in general, veterans usually have a lower default rate that traditional borrowers. Therefore, this typically results in rates that are 0.25% than other loans.

4. Flexible Credit Standards
In general, the minimum acceptable FICO score for a VA loan is 620, but each lender has the ability to set its own minimum and requirements for the borrower.

5. Pay off Existing Debt
Seller may credit buyer with up to 4% of purchase price to pay off existing debt!

6. NO Mortgage Insurance Premiums

All other loan programs in which a borrower puts less than 20% down will require private mortgage insurance (PMI) of some sort. This is not the case with the VA and makes it a huge benefit!

7. Your VA loan eligibility DOES NOT expire and IS reusable. Therefore, even if you have used a VA loan previously you could be able to obtain a new VA loan.

Unlike other military benefits, the VA loan can be used over and over again. There is no time limit and no limit to the number of times the VA loan benefit can be used.

Additional VA Loan Facts

• You can have multiple VA loans at the same time.

• You can get a VA jumbo loan for up to 1.5 million dollars to purchase your dream home.

• You can rent your current home and move to a bigger and better home or move to a smaller home for retirement years (even if your home is upside down or possibly lose money as a rental).

• With a VA loan, you can purchase in 2 years after a short sale, foreclosure, or bankruptcy.