VA Home Loans, Veterans Benefits Administration.
Packed with money-saving advantages such as no down payment requirement and no private mortgage insurance, the VA home loan also is designed specifically for the unique challenges facing service members and their families.
About VA Home Loans
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners.
VA mission to serve you, VA provides a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan.
THIS IS THE SEAL OR LOGO OF VA.
Why Choose a VA Loan
The VA Home Loan Guarantee Program helps veterans purchase, refinance, or build homes through VA-approved lenders
Packed with money-saving advantages such as no down payment requirement and no private mortgage insurance, the VA home loan also is designed specifically for the unique challenges facing service members and their families.
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''REAL ESTATE INVESTMENT: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY}
''REAL ESTATE INVESTMENT: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY}
'' Documents you'll need to provide to get a true pre-approval...
What Documents Do You Need?
'' Learn How to Get a Mortgage with Any Credit Grade Get Started Now!
-----------------------What Documents Do You Need?
What documents are needed for mortgage pre-approval? This is another common question among first-time home buyers.
'' Learn How to Get a Mortgage with Any Credit Grade Get Started Now!
Purchase with $0 Down, Get a Lower Rate and Enjoy Lower Monthly Payments with a VA Loan. Take Advantage of Your VA Benefits
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Qualifying for Veteran Home Loans
A Veteran who has used their entitlement to previously purchase a home, may have entitlement left to purchase another one. If you previously purchased a home using your VA Benefits then you might still have some of that “Entitlement” available to you for the purchase a new home! To Calculate Maximum Entitlement available, consider the following:
- If your previous home was purchased using a VA Loan, and that loan was paid off by the new owners, the full entitlement may have been restored.
- If you sold your home to someone, and allowed them to ASSUME your VA Loan, then you might have the full entitlement restored, if one or more of the purchasers were also Veterans.
- If you still own the home, and you are renting it out – you might be able to purchase a new home using your partial entitlement, but there are several restrictions.
Allowable Income Sources used to qualify for a VA Loan include: Retirement Income, Social Security Income, Child Support, Alimony and Separate Maintenance, BAH, BAS and Disability Income.
Dependency and Indemnity Compensation (DIC)for a Surviving Spouse can also be included. In addition, stable, documented income from employers remains the best income source for VA loans
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The VA loan allows veterans 103.15 percent financing without private mortgage insurance or a 20 per cent second mortgage and up to $6,000 for energy efficient improvements.
A VA funding fee of 0 to 3.15% of the loan amount is paid to the VA; this fee may also be financed.
In a purchase, veterans may borrow up to 103.15% of the sales price or reasonable value of the home, whichever is less.
Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment.
In a refinance, where a new VA loan is created, veterans may borrow up to 90% of reasonable value, where allowed by state laws.
In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount.
The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.
VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans.
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VA Loan Eligibility Requirements
Find out if you are eligible for a VA Home Loan
Step 1. Review VA Loan Eligibility Requirements
Generally speaking almost all active duty and honorably discharged service members are eligible for a VA Home Loan.
You May Be Eligible If Any One of the Following are True: • Served 181 days during peacetime (Active Duty)
• Served 90 days during war time (Active Duty)
• Served 6 years in the Reserves or National Guard
• You are the spouse of a service member who was killed in the line of duty.
• Served 90 days during war time (Active Duty)
• Served 6 years in the Reserves or National Guard
• You are the spouse of a service member who was killed in the line of duty.
If you can say "Yes" to any of one these statements, congratulations, you may be eligible for a VA Loan! So, how do you take the next step?
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THINGS THAT YOU ALSO NEED...
DD214: Proof of Military Service
An important part of your military records.
Certificate of Eligibility
You'll need this before you get a VA home loan.
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------------------
''REAL ESTATE INVESTMENT: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY}
''REAL ESTATE INVESTMENT: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY}
'' Documents you'll need to provide to get a true pre-approval...
What Documents Do You Need?
'' Learn How to Get a Mortgage with Any Credit Grade Get Started Now!
-----------------------What Documents Do You Need?
What documents are needed for mortgage pre-approval? This is another common question among first-time home buyers.
'' Learn How to Get a Mortgage with Any Credit Grade Get Started Now!
VA - Funding fees
A funding fee must be paid to VA unless the veteran is exempt from such a fee because he or she receives a minimum of 10% VA disability compensation.
If a veteran is awarded disability compensation after paying a funding fee, he/she can apply for a refund of this funding fee, so long as the beginning date of the disability is prior to the closing date of the home mortgage.
If Veteran Disability benefits are pending, and the Veteran wants to go ahead with their VA loan, effective with the bill passed by Congress in August of 2012:
A Funding Fee will not be charged, if the Veteran has already been “screened” as fully disabled.
If the “disability” is not fully determined during screening, it can be REFUNDED back at the point the Veteran did get that paperwork.
In that situation, it will cause the Veteran's loan amount to be paid down by the VA.
The VA Funding fee may be paid in cash or included in the loan amount.
Closing costs such as:
VA appraisal,
credit report,
loan processing fee,
title search,
title insurance,
recording fees,
transfer taxes,
survey charges,
or hazard insurance may not be included in the loan.
However, the seller may pay these on behalf of the VA borrower.
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DOCUMENTS NEEDED:
You will need the following paperwork to apply:
- Copies of your W2 statements for the past two years, so your gross household income can be confirmed,
- Copies of your previous two pay stubs,
- Documentation of other assets (checking accounts, savings accounts, financial investments, trust funds, etc.),
- If self-employed, two years of consecutive tax returns will be required.
- The Veteran also needs to supply their DD 214 or Certificate of Guarantee
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IF YOU NEED HELP TO SELL YOUR REAL ESTATE PROPERTY IN SOUTH FLORIDA;
PLEASE CALL ANTONY A PROFESSIONAL REALTOR. AT: -- // Real Estate Blog / -- Real estate Service For Buyers And Sellers . //
Anthony’s ability to simultaneously focus on these myriad aspects defines our value to clients.
If you combine solid Experience, Expertise And Proven Talent With Relentless Passion. You Get Innovation, and Much More Than That, You Get Outstanding Results. Anthony Jeanty - Real Estate Professional, REALTOR IN THE SOUTH FLORIDA AREA ANTHONY PROFESSIONAL REALTOR.
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IF YOU NEED HELP TO SELL YOUR REAL ESTATE PROPERTY IN SOUTH FLORIDA;
PLEASE CALL ANTONY A PROFESSIONAL REALTOR. AT: -- // Real Estate Blog / -- Real estate Service For Buyers And Sellers . //
Areas of Expertise: Real Estate, Insurance, Mortgages And Finance
We regularly go to the extra miles for our client satisfaction, step outside of the real estate practices to service our clients better.
Finding lasting solutions to complex issues and challenges far beyond our desk, and deep into our surrounding regional community, its history, its leaders and its vision for the future.
Anthony’s ability to simultaneously focus on these myriad aspects defines our value to clients.
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Our Practice
If you combine solid Experience, Expertise And Proven Talent With Relentless Passion. You Get Innovation, and Much More Than That, You Get Outstanding Results. Anthony Jeanty - Real Estate Professional, REALTOR IN THE SOUTH FLORIDA AREA ANTHONY PROFESSIONAL REALTOR.
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