Veterans:
Basic Info to Know About VA Loans
The interest and use of VA Loans by veterans when purchasing a home is growing.
That's a great thing ...
However, there are still many veterans that could be utilizing their VA Loan benefit but are not. The VA estimates that 1 in 3 veterans are unaware of their VA Loan benefit.
In my own experience as a Mortgage Originator, 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 be residential
- 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 originator.
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 experienced 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, Refinance or invest in 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 40+ years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at:
Gene Mundt
Mortgage Lender - NMLS #216987 - IL Lic. #0006220 - WI #216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
Gene Mundt, Mortgage Originator, an Originator with 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, etc.),
DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.
Referrals are Welcomed!
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