The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

VA Home Loans

VA PURCHASE LOANS
VA Home Loans Benefit Qualified Veterans

Since 1944, when home loan guarantees were part of the original GI Bill, the VA has guaranteed more than 18 million home loans worth over $911 billion. In 2008, 180,000 veterans, active duty servicemembers, and survivors of veterans received VA home loan valued at about $36 billion. More than 90 percent of those VA loans were no-down payment loans.

The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home. Veterans do need money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated when the sale price of the home is set.

If 100% financing isn't enough, there are even more benefits to applying for your VA Home Loans for veterans who are ready to purchase a home:

  • VA Home Loans are assumable, provided the person assuming the loan is qualified.
  • Veterans' closing costs are limited by VA, making sure you won't be asked to pay more than a fair price for closing costs.
  • You have the VA behind you offering additional assistance if you ever find you are having problems making your home loan payments, at any time in the future.
  • Veterans can prepay their VA Home Loans without a penalty.

Check these facts about the purchase of your next home with a VA Home Loan:

  • VA does not have a maximum VA Home Loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to $417,000 ($625,500 in Hawaii, Guam, Alaska and U.S. Virgin Islands) with no down payment. With a down payment, your VA Home Loan may even exceed these amounts.
  • The veteran does have to qualify income and credit wise.
  • The veteran does have to occupy the home as their primary residence.
  • The veteran does not have to be a first time home buyer and may reuse his/her benefit.
  • The lender, not VA, sets the interest rate and discount points, so they may vary from lender to lender - shop around for the best rates as always.
  • There is no private mortgage insurance, but VA does charge an up front VA funding fee, which may be financed. The exception would be if a veteran is in receipt of VA service disability payments each month; then, he or she does not have to pay a VA funding fee.
  • With a VA Home Loan, the seller can pay your closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession including payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, and funds for temporary buydowns (not discount points).
  • The veteran is not allowed to pay for a termite inspection report; it is paid for by the seller.
  • VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.


RELATED ARTICLES:


Sponsor:

VA Loans for Veterans
Complimentary VA loan pre-approvals will give you the comfort you need to shop for your home with confidence. VA refinance loans available.


VA Home Loans

Military Hub is not a government website and is not affilitated with any branch of the U.S. Military.


Support Our Troops:

Semper Fi Fund
The Semper Fi Fund provides financial assistance and support to service members and their families.
IAVA - Iraq and Afghanistan Veterans of America
IAVA is the nation's largest nonprofit, nonpartisan organization representing veterans and their families.
Team Rubicon
Team Rubicon unites the skills and experiences of military veterans with first responders.
Pat Tillman Foundation
The Pat Tillman Foundation invests in military veterans and their spouses through educational scholarships.

About Military Hub
Privacy Policy
Contact / Advertise

Copyright © 2008 - 2017
Advertise Military, LLC
All Rights Reserved

Disclaimer: MilitaryHub.com and MilitaryRates.com are private websites that are not affiliated with the U.S. Department of Veteran Affairs, any U.S. government agencies, or any U.S. military branches. Our sites contain basic information about veteran benefits, pay tables, current events, and news for active duty military personnel, military veterans, and their families. You can find additional information on these topics at the official website for U.S. Department of Veteran Affairs.