Veterans: Basic Info to Know About VA Loans

  Veterans:  
Basic Info to Know About VA Loans   
 
 

     
     The interest and use of VA Loans by veterans when purchasing a home is growing.

     That's a great thing ...

     However, there are still many veterans that could be utilizing their VA Loan benefit, but are not.  The VA estimates that 1 in 3 veterans are unaware of their VA Loan benefit.  

     In my own experience as a Mortgage Lender, I often find that to be true. Either the veteran does know of the benefit, or there's some misunderstanding about how they may use and benefit from it. 

     All sorts of myths and misconceptions abound regarding VA Loans.  Neither should keep a military veteran or their family from owning and enjoying their own home ... or realizing the savings due them via VA financing.

     To help veterans and their families better understand this valuable benefit, I've listed some basics regarding VA Loans below:

  • Competitive Interest Rates
  • NO Money Down options
  • NO Mortgage Insurance Required  
  • Closing Cost, Pre-Paid Escrow and Interest Credits from Sellers up to 4%
  • An exemption from certain Closing Costs being charged to them
  • A VA Appraisal is conducted on the property being purchased 
    
     These are some additional important things that Veterans should know and consider regarding VA Loans ... and the properties that can be financed via this financing:  

  • Property being considered for VA financing MUST meet VA Minimum Property Requirements
  • The property being purchased MUST beresidential
  • Homes in need of structural repair, found unsanitary, or unsafe will be deemed ineligible for VA financing
  • Lead-based paint will be inspected for and evaluated. If problems exist, it MUST be corrected 
  • A termite inspection MAY be required,depending on the property's location
  • Water drainage and run-off requirements must be met. The grading of the property must allow for draining water away from the property   
  • Gutters must be installed on the home (in MOST cases) and be in good shape
  • All plumbing and electrical within the property must be in good repair and functional.  Each MUST have "life" remaining for functionality
  • The heating system must be functional and adequate.  It must meet building codes
  • Roofing must be in good shape.  Any roof found defective and having 3+ layers of shingles will be required to have all old shingles removed and new added
  • Crawl spaces must offer clear and adequate access and be well-vented.  Basements must be reasonably dry 
  • More ...


     I can't overstate the importance of this: Familiarity with and knowledge of the specific requirements and demands of this type of property purchase and financing is needed and fundamental to you finding success.

    If you are a veteran and hope to use your VA Loan benefit:  Please seek and use the guidance and expertise of a knowledgeable, experienced real estate professional and mortgage lender.  

     Not located and/or buying a home using your VA Loan benefits in IL or WI?  Contact me.  I'll be happy to provide you a referral to an experience professional in your local area. 

     Remember:  Should you have remaining questions about buying a home using VA Loan benefits ... or regarding YOUR specific financial needs, don't hesitate to contact me or a local VA Mortgage Lender.  

     You deserve to know the facts ... and you've certainly earned the benefits ...




    *  Hoping to Buy a home in the New Lenox, Will County, or greater Chicagoland area?  Looking for facts and info regarding VA Loans and financing?  Contact me today!  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt
Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656
 
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281
 

  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

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Comments

Okay .. I've tried to correct the changes made to the appearance of this post countless times ... each time it made it worse.  Not sure why this happens periodically here on AR ... but I've got no time to keep trying to make it better.

I apologize for how this looks .. but hope you still get the info I offered ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Hi Gene - Excellent information for VA-eligible buyers, and the best possible advice - seek a lender who, in addition to proviving great client service, knows the program well.

(I've had those formatting problems on occasion, and the only fix I found was to just start over from scratch)

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 3 years ago

SO important to work with agents and lenders that know what they're doing these days, Dick Greenberg ... and especially in these kind of specialty programs.  You avoid headaches ...

Speaking of headaches ... I tried the "try over" thing and it didn't fix anything.  Darn frustrated ... and hate that it looks this way.  Will maybe try again later, but until then ... ugh

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Gene, i will book mark this post. Doing any type of government loan and especially Va requires the assitance if an expert such as yourself. 

 

I grew up in Chicago in the Austin area .. what part of town do you live in? 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) almost 3 years ago

Gene VA Loans are an excellent way for a Veteran to obtain a mortgage, and the more the word gets out through blogs like this the more Veterans will be aware of it.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 3 years ago

Robert (Bob) Gilbert .. welcome neighbor!  I grew up south of Chicago in the small town of Manhattan ... east of Joliet and southwest of Orland Park.  My wife's from Manhattan too.  If you ever travel back our way, please let me know!

My thoughts exactly, George Souto ... alerting veterans to this great benefit is the thing to do ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Hi Gene.  VA loans must have a lead free certificate?  I didn't know that.  It never used to be that way.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) almost 3 years ago

Gene, Thanks for telling me that you folks come from Manhattan. I have not heard of Manhattan before but Chicago as you know is such a large metroplex city.  We went back to visit Chicago last October as I had not done something like since the late 70's and it was  blast. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) almost 3 years ago

Not surprised that you hadn't heard of the community, Robert (Bob) Gilbert ... we're quite far south of the City .. and have been (up until the last decade) rather small.  A great place to have grown-up tho ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Lead base paint can be an issue, Conrad Allen ... especially if it's peeling and in disrepair ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) almost 3 years ago

Excellent information for Vets Gene. great post.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) almost 3 years ago

Gene,

I grew up in the city and it was a very dangerous place. Great life lessons concerning your own welfare but not much else. You were fortunate to be in a small city away from the big city crime and everything else. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) almost 3 years ago

Gene, yes there many points Veterans may be unaware of as well as agents. I recently had a client using his VA benefits and the question came up about gutters as you mentioned...there wasn't a clear answer as to whether or not they were required...it all depended on the home, its location and the VA appraiser...we got it done though.

Posted by Nick T Pappas, Madison & Huntsville Alabama Real Estate Resource (Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL) almost 3 years ago

This is a great rundown of the advantages of a VA loan. I think more veterans just need to be educated about the program. This is a very informative post. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) almost 3 years ago

Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com one more post for me to bookmark and save.

VA loans have many advantages - one needs to have patience to 'realize' those benefits.

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) almost 3 years ago

Good morning Gene. Outstanding post and very important topic. One of the best loan products that exists and I want to make the process as easy as possible for every vet that I do a mortgage for.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) almost 3 years ago

I just wanted to add that the limit for $0 downpayment( 100% financing) In Los Angeles county is $625,500. After you get VA approval, contact your local realtor for a list of available and VA approved condo communities or houses in that price range. 

Posted by Inna Ivchenko, Realtor® • Green • GRI • HAFA • PSC Los Angeles CA (Barcode Properties) about 2 years ago

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