That's a great thing ...
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 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!
Email Me .. to be added to my Mortgage & Real Estate Newsletter
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
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)
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
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?
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.
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
Hi Gene. VA loans must have a lead free certificate? I didn't know that. It never used to be that way.
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.
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
Lead base paint can be an issue, Conrad Allen ... especially if it's peeling and in disrepair ...
Gene
Excellent information for Vets Gene. great post.
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.
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.
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.
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.
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.
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.