This blog will go over the option of the VA mortgage. This loan- VA – is the best option for most military families (active or retired) looking to purchase a home. The VA loan has several advantages:
*No Down Payment – The VA mortgage is 100% financing.
*No Mortgage Insurance – The VA mortgage does NOT have any mortgage insurance. This is a huge monthly savings to the Veteran and allows the Veteran to build more equity in their house, effectively saving thousands of dollars over the life of the mortgage.
*Seller can pay up to 6% of the Veteran’s closing cost – this option can allow the Veteran to purchase a new home with NO money out of pocket!
A VA mortgage can be used for the purchase of a primary home. The Veteran can use the VA mortgage more than once. Once the Veteran has sold the home, they can secure a VA mortgage loan again. Credit requirements for a VA loan are a mid credit score of 620. The Veteran, whether active duty or retired, does have to be able to document their income. The home does have to go though a VA appraisal to qualify. So, if you have served in the military or have retired, this is the mortgage I would encourage you to look into. The VA mortgage has the same basic process as an other home financing option – with huge savings to the Veteran. You as the Veteran, or spouse of a Veteran, will be required to document 2 years tax returns, 2 months bank statements, 2 recent pay stubs or proof of retirement, and finally a few VA forms to secure the Certificate of Eligibility for the Veteran.
If you would like more information on a VA mortgage or any other financing questions, please feel free to call me – Kara Holleran 239-246-6000.
Posted on May 21, 2012, in Finance and tagged Active Duty, Buy a Home, Closing Costs, Equity, Finance Me, Kara Holleran, Lender, Loan, Military, Mortgage, Mortgage Insurance, Pay Stubs, Primary Home, Real Estate Financing, Retired, SWFL Real Estate, VA, Veteran. Bookmark the permalink. 2 Comments.