Skip to main content

Veterans: Basic Info to Know About VA Loans

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 experience 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 (or refinance) 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

  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

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!



Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...

“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.


Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?

These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:

Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…