Hello fellow Veterans, Janelle Endres here with The Endres Group Home Sales Team, thank you for reading my blog.
Today we are talking about VA Home Loan benefits. These loans can help veterans, service members, and their survivors to buy, build, improve or refinance a home.
Now for a VA Loan, you’ll still need to have the required credit and income for the loan amount, but a veteran’s home loan may offer better terms than with a traditional loan from a private bank or mortgage company. For example, 90% of VA backed loans are made with NO MONEY DOWN, and lenders offer competitive interest rates as well. That’s why it is so important to work with an experienced Real Estate agent who is both knowledgeable of which homes qualify for VA loans, and can put you in touch with lenders who are experts in the loan application process.
This is a great deal because the VA home loan offers
· No down payment
· Better terms and interest rates
· The ability to borrow up to the Fannie and Freddie conforming loan amount
· No need for private or mortgage insurance premiums
· Fewer closing costs
· No penalty fee if you pay off the loan early.
So, are you eligible for a VA backed purchase loan? My team will be happy to help with the process. But basically, if you meet the requirements such as;
1] You qualify for a VA backed home loan Certificate of eligibility,
2] you meet the lender’s standards for credit and income and
3] you will live in the home you are buying with the loan, then you qualify!
You may be wondering, How can I buy a home with a VA-backed loan?
Buying a home is a complex process, and getting a VA home loan is only one piece of the puzzle. Stay on track by following the steps.
Steps to finding a home
1. Apply for your VA-backed home loan Certificate of Eligibility (COE).
You’ll need to show your COE to your lender as proof that you qualify for the home loan benefit.
2. Look at your current finances.
What are the steps to buying your home?
Once you’ve found the house you want to buy:
5. Move in.
After closing, you’re ready to move into your new home. Congratulations!
So once again, we greatly appreciate all that the veterans and service members have done and continue to do for our country. This VA home loan benefit is just one way we can thank you and The Endres Group can help streamline the process for you with our knowledgeable staff. Give us a call at 727-515-9551 to get going on your VA backed home purchase.