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Sat, Aug 29, 2020 at 6:45PM

VA Loans

By far VA loans is the best loan out there! currently 33% of veterans do not understand they have this entitlement. Why, because little or no down payment, no private mortgage insurance and always lowest rate than FHA and Conventional loan. for serving your country this is a huge benefit for the rest of your life.

Benefits 

As long as you have an honorable discharge that shows on your DD214, decent income and above substandard credit score.  You must pay a one time VA Funding fee and can roll it into the loan. If you are 100% disable and prove it, you are exempt. If you are partially disable, a percentage will be shaved off. Limited cost out of pocket are appraisal, credit report, origination fee, recording fee, survey (if applicable) and title insurance. It pays to use a seasoned Realtor and lender that knows the VA process which can streamline the process. the home you pick need to meet VA standards and appraisal process which is tailored from the traditional standard. Having an executed contract on a home that you have found, there are necessary steps you must follow, keep your job, make all payments on time, if change jobs stay in the same field of work, do not incur debt, always communicate with your realtor and lender before making any financial decisions.

Process

Find a home, write a contract, send earnest money deposit to title company, title and survey ordered, lender order appraisal, turn required documents to your  lender. all documents sent to underwriter, commitment letter from lender, clear to close. schedule closing date. Golden rule, if in doubt, ask. During this process you must not move money around if you don't have to. Why? because you will have to account for it.  Your lender will explain all associated fees with loan and standard charges. Keep a notebook and take notes to stay on track. Any additional income coming in must be sourced and tracked. Each season demographically has pro's and con's of home buying.  If you are serving and have served in the military you are doing discredit to yourself not taking advantage of this entitlement. Veteran's are the best and I am one of them. 


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