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VA Loan Financing

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Tue, Jul 10, 2018 at 7:10AM

VA Loan Financing

If you are a qualified veteran from any branch of connected service or active duty military personnel you are entitled a VA Loan. There are certain stipulations that apply to meet entitlements for a lender as per minimum length of service and Certification of Eligibility which is your DD214. This is the best loan on the market and speaking as a veteran I used this five times and they require little or no money down. This loan is only used for your primary residence. It get's better! There is no minimum credit score however a 620 is a plus so that you will not be penalized a much higher interest rate. Provided you have a disability connected with service you are exempted from taxes on your home depending on your percentage of disability. Another huge advantage is that you have no mortgage insurance which runs at least another 100.00 per month in addition to your monthly payment. However you are charged a one time VA Funding fee to borrow money for the first time the fee is 2.15 percent of loan amount and second time 3.3 percent of total loan amount. Again if you receive disability this fee can be reduced or waived. Many lenders can roll in your funding fee into the loan.  Also you have the option to use your IRA for your funding fee in "CONJUNCTION" your closing and not be penalized if you are under age.  What you borrow will be counted as income and taxed.  Keep you receipt of withdrawal and settlement statement and turn into your accountant when you file your taxes. As it stands now for a foreclosure or bankruptcy you can use your VA Loan after two years or discharged. Some lenders will accept one year for unusual circumstances with proper documentation provided as they look for the big picture.  I have received my Military Veteran Home Certification (MHVC) and a proud member of Veterans Association Real Estate Professional  (VAREP).  See link for interviews and testimonials attached.  https://www.facebook.com/kevinsellsfl/

Also if you or know any veteran behind or in a financial bind you can call (877) 827-3702 for help.

 


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