Benefits of a VA Loan

You have the ability to buy a home with ZERO down payment. This is a huge advantage of a VA Loan. Most conventional loans will require at least 3% of the loan or more, which often takes years to save. And you know what that means... you could lose the home of your dreams.

VA loans usually have the lowest interest rates on the market, which translates to you getting a larger loan or more savings in your pocket. Either way, more wallet power!

Contact me for the latest interest rates (because they change often).

The VA loan program also limits the closing costs you may be charged and gives you the right to prepay your mortgage without a penalty. The closing costs are usually paid by the seller, lender, or other party.

Many states offer resources to Veterans, including property tax reductions to certain Veterans. With conventional loans, folks who can't come up with 20% down typically get stuck with the cost of private mortgage insurance (PMI), which is an added cost that reduces their options for homes in their budget. With VA Loans, you get to keep those PMI dollars, which means you may be able to afford that home you've been eyeing in the perfect neighborhood for you.

Need to rewrite - taken from Veterans United. -- VA loans were created to expand access to homeownership, and one of the ways they're still fulfilling that mission today is through more flexible and forgiving credit underwriting requirements.Credit score minimums vary by lender, but VA loans often have lower score requirements than other loan types. At Veterans United, we typically look for a minimum FICO score of 620. VA loans don't have a hard cutoff for debt-to-income ratio, and they typically have shorter waiting periods following negative credit events like bankruptcy or foreclosure.

Prepayment penalties became a thing of the past with the passage of Dodd Frank Legislation in 2010.

If you have your full entitlement available, you can buy as much house as you darn well please with $0 down, as long as you qualify for the monthly payment. If you have entitlement wrapped up in another property, we can pull your COE and discuss how to maximize your remaining entitlement.

Only available to active U.S. service members, veterans, and surviving spouses.

Receiving VA disability comp? That's qualifying income! W2, self employment, BAH, BAS... all of it can be used, and some of it is even grossed up for qualifying purposes.

There is no additional inspections required, other than termite in some areas, with VA loans. A VA registered appraiser will come to your property to ascertain value and determine if there are any major safety issues that would need to be corrected.

Many states offer resources to veterans, including property tax reductions to certain Veterans. VA Loan Nerd researches each state during the process to help vets figure out your available resources.

Most borrowers are required to pay a VA loan funding fee (currently between 0.5% and 3.3% of the amount of the loan), depending on type of refinance or subsequent purchase and down payment amounts. But some veterans are exempt. Contact me and we'll talk through if you're exempt or not.