|VA loans for Veterans
Are you a veteran?. You may qualify for a VA loan. If you have served on active duty or in the national guard for a period of years you may be able to get a VA loan. The most important thing to keep in mind is the VA does not make loans, they only guarantee your loan which protects the lender. Click on this site for all the information available from the VA. I'm a Veteran with a VA backed loan so call me I can help. www.homeloans.va.gov/pamphlet.htm Click on the Forms tab on the left side of the page and then type in 26-1880 in the Form # box. When the form number comes up, click on it and download the form.
Why use my VA eligibility? Great question, in years past before 100% financing you needed 20% down to buy a home. These days with 80/20 financing (80% from the primary lender and 20% from a secondary lender) you need not put anything down on the purchase price at closing. You will, however, pay the VA's funding fee of 2.1% if this is your first VA purchase or over 3% for 2nd purchases. This is the no free lunch part of the transaction. On a $200,000 home this is $6,000 and can be rolled into the mortage or payed by you up front as a closing cost but it must be paid. Would it be better to not use your VA eligibility? Maybe, because the funding fee is dead money and raises the amount you borrow. It may be better to apply that same $6,000 directly to the principal and pay the PMI of $100 or so a month. PMI is dead money also but that gives you 60 months before you pay more than the funding fee. If you will be selling sooner than 5 years it may be best to pay the PMI. I am very good at formulating this question for you so ask me. I do NOT participate in scam kickbacks from online lenders who try to refer my services and claim to rebate you money. This rebate is always rolled up in the fees you pay and it is sad to see consumers, especially Vets like myself, fall for that trick. Duty, Honor, Country, and Trust; you will see it all here. That is my mission and my promise. If you will select a Realtor based on a kick back like a gift certificate from a store, I just don't know what else to say except Trust me, you'll be glad you did.
If you do not have your eligibility certificate you need to apply for one. It takes as much as 20 or more days to get it back from the VA so it is best to apply immediately. Thank you for your service to our country..
Caution: Some lenders that advertise heavily online as a VA bank make you believe they have some amazing "in" with the VA. Any reputable lender is authorized to make VA loans so check with your local bank as well. I have been getting a few customers that are going online and searching for a VA bank thinking that is the way to go... I can tell you it is not necessarily. They like to say you have to use their VA agents to help you with your home sale. The VA does not have Real Estate Agents and does not compensate them. These companies are simply trying to make more money off of you by getting you to allow them to REFER you to a local agent. The most insulting thing is the promise of a Free gift or bonus. Remember there is no free lunch and you will have that free gift rolled up in your costs somewhere. Go with me.. You'll be glad you did. Remember, my services to buyers is FREE.
www.ecrc.navy.mil For IA family members
www.military.com/registration/spouse The military spouse network
www.militaryonesource.com General resources for families
www.milspouse.com Military spouse magazine and web resources
www.militarytimes.com News and resources
www.trooptube.tv. Video Sharing site for military families
www.unitedthroughreading.org/military Allows deployed parents to send videos to children back home.
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