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VA Home Loans An Untapped Resource

VA Home Loans An Untapped Resource Home Loan Program by Veterans Administration makes owning a home much more feasible HERE ARE SURPRISING FACTS AND SOME COMPELLING SOLUTIONS: The Veterans polled cited lack of a down payment as their biggest barrier to home ownership • VA home loans do not require a down payment 20% 80% 80% of VA borrowers are not eligible for conventional home loans • VA requirements are much friendlier to vets than conventional requirements 20% of veterans do not know about the VA Home Loan Program • Now that news of the program is spreading, more and more veterans are capitalizing on this affordable opportunity by the VA Who's eligible for a VA loan? • Military members who have served 181 days on active duty or 3 months during war time STA UNIDER • People who have spent at least a half-dozen years in the National Guard or Reserves AIRMY Spouses of those killed in the line of duty Veterans can use a VA loan to • Refinance an existing VA-guaranteed or direct loan in order to lower the current interest rate • Simultaneously purchase and repair, alter or renovate a residence owned by a veteran • Refinance in order to take out cash • Make energy efficient improvements with an Energy Efficient Mortgage in conjunction with a VA purchase refinance • Purchase a one-family residential unit in a condo development approved by the VA • Acquire a farm residence to be owned and occupied by the veteran VA funding fees Regular Military Reserves and National Guard 2.15% 2.4% 1.50% 1.75% 1.25% 1.50% with no with 5% with 10% down or more or more payment down down payment payment US Benefits of a VA loan • Lower credit scores not a barrier • No down payment needed – 100% financed • VA home loans are assumable, provided the person assuming the loan is qualified • Closing costs are limited • Competitive interest rates that are routinely lower than conventional rates • Sellers can pay up to 6% of closing costs and concessions • Higher allowable debt-to-income ratios than for many other loans • Streamlined refinancing loans that require no additional underwriting • Equal opportunity for all qualified veterans to obtain a VA loan • Buyer is informed of reasonable value • Ability to finance the VA funding fee - plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation • Right to prepay without penalty • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder • VA assistance to veteran borrowers in default due to temporary financial difficulty Sources: http://www.valoans.com/va_loan.cfm http://homebuying.about.com/od/financingadvicela/VA-Loans.htm http://homebuying.about.com/od/financingadvicelaNA-Loans_2.htm http://homebuying.about.com/od/financingadvicelaNA-Loans_3.htm http://www.militaryvaloan.com/fact_sheet.htm Brought to you by: CELTIC BANK EQUAL HOUSING LENDER VA Home Loans An Untapped Resource Home Loan Program by Veterans Administration makes owning a home much more feasible HERE ARE SURPRISING FACTS AND SOME COMPELLING SOLUTIONS: 出 The Veterans polled cited lack of a down payment as their biggest barrier to home ownership • VA home loans do not require a down payment 20% 80% 80% of VA borrowers are not eligible for conventional home loans • VA requirements are much friendlier to vets than conventional requirements 20% of veterans do not know about the VA Home Loan Program • Now that news of the program is spreading, more and more veterans are capitalizing on this affordable opportunity by the VA Who's eligible for a VA loan? • Military members who have served 181 days on active duty or 3 months during war time STA UNIDER • People who have spent at least a half-dozen years in the National Guard or Reserves AIRMY Spouses of those killed in the line of duty Veterans can use a VA loan to • Refinance an existing VA-guaranteed or direct loan in order to lower the current interest rate • Simultaneously purchase and repair, alter or renovate a residence owned by a veteran • Refinance in order to take out cash • Make energy efficient improvements with an Energy Efficient Mortgage in conjunction with a VA purchase refinance • Purchase a one-family residential unit in a condo development approved by the VA • Acquire a farm residence to be owned and occupied by the veteran VA funding fees Regular Military Reserves and National Guard 2.15% 2.4% 1.50% 1.75% 1.25% 1.50% with no with 5% with 10% down or more or more рayment down down payment payment US Benefits of a VA loan • Lower credit scores not a barrier • No down payment needed – 100% financed • VA home loans are assumable, provided the person assuming the loan is qualified • Closing costs are limited • Competitive interest rates that are routinely lower than conventional rates • Sellers can pay up to 6% of closing costs and concessions • Higher allowable debt-to-income ratios than for many other loans • Streamlined refinancing loans that require no additional underwriting • Equal opportunity for all qualified veterans to obtain a VA loan • Buyer is informed of reasonable value • Ability to finance the VA funding fee - plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation • Right to prepay without penalty • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder • VA assistance to veteran borrowers in default due to temporary financial difficulty Sources: http://www.valoans.com/va_loan.cfm http://homebuying.about.com/od/financingadvicela/VA-Loans.htm http://homebuying.about.com/od/financingadvicelaNA-Loans_2.htm http://homebuying.about.com/od/financingadvicelaNA-Loans_3.htm http://www.militaryvaloan.com/fact_sheet.htm Brought to you by: CELTIC BANK EQUAL HOUSING LENDER

VA Home Loans An Untapped Resource

shared by celticbank on Jul 18
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Most Veterans don't use their government benefits to purchase a home. Most veterans can buy a home without a downpayment, and with lower credit scores.

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