VA Loans: Flexing Your VA Benefit Muscle

 VA Loans:  

Flexing Your VA Benefit Muscle

Veterans of the U.S. Military - Armed Forces, through their active service provided to our country, become eligible for VA benefits.  One of those benefits is a home loan guaranty.  

I've been honored to work with many Veterans during my years as a Mortgage Originator ...  

While VA Loans are made possible via the U.S. Dept. of Veterans Affairs, I, as their Mortgage Originator, originate, direct, and my team handles the processing of my clients' VA Loans.

U.S. Veterans can obtain a mortgage with:

• NO MONEY DOWN (No Down Payment Needed)  
• Using no Mortgage Insurance 
• A Fixed Rate Interest well under 4% (currently).  

It's definitely one amazing benefit and advantage for Veterans to have at their disposal when they hope to buy a home. (Other housing-related benefits may apply also.) 

Last week, I had the pleasure of working with yet another Veteran.  The home he had selected for purchase lay within a development of what was primarily higher-priced homes than the one he sought.  As a result, there were several other offers being made upon it.   

My client persevered and won the bidding.  While the Sellers of the home wouldn't consider paying any Closing Costs, my Buyer was still able to buy the home with a minimal amount of money.  

How was that possible?  And why?  

Here are the 3 main reasons:

• The Closing Costs for his VA Loan were lower 
• VA prohibits the charging of certain Closing Costs
• A Lender Credit was given to offset some standard loan costs:  Title, Appraisal, Insurance, Attorney

The result:  After paying the Earnest Money ... and accounting for the credits due at Closing for Real Estate Taxes and the above-mentioned Lender Credit ... my Veteran home buyer needed less than $100 to Close on his home.

Amazing!

While my Veteran was a first-time home buyer, it's important to point out that Veterans can use their VA Loan Benefit in a variety of ways ... and multiple times.  Too many Veterans think it's a one-time benefit.  It's not.  

Nor does the benefit expire.  And VA Loans have more lenient guidelines for Veterans with lower credit scores.  They also cast a more lenient eye towards foreclosure and bankruptcy.

As former and current military personnel look to buy homes, it's imperative that these types of benefits remain available to them.  Kudos to those that continue to make this benefit available.

Important:  All Veterans hoping to buy a home must obtain their VA Home Loan Certificate of Eligibility from the U.S. Dept. of Veterans Affairs.  For info on how to pursue a Home Loan Certificate, please click HERE.

Information regarding all Veteran benefits can be obtained via the booklet, Federal Benefits for Veterans, Dependents, and Survivors.  To view that booklet, click HERE.


Are you a New Lenox - Chicagoland Veteran interested in buying a home?  

Reach out to me for additional information and assistance to flex your VA Loan benefit. 
I'll put my experience and expertise hard to work on your behalf.
I'm easily found at:

Gene Mundt

Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License 216987

American Portfolio Mortgage Corp.

NMLS #175656

Direct: 815.524.2280

Cell or Text: 708.921.6331

eFax: 815.524.2281

gmundt@goapmc.com

www.genemundt.com

              

         

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 Greatly Appreciated and Welcomed!