If you’re eligible for a VA loan, it doesn’t matter if you’re a first time home buyer or a home buying veteran! Veterans Affairs loans are for Service Members, Veterans and some surviving spouses of military members. For more information, go to www.va.gov or call your favorite lender to see if you qualify.
A VA loan is actually funded by a private lender, just like an FHA or Conventional loan. The VA merely stands behind and guarantees a portion of the loan to support the lender in the case that you’re not able to keep up with your mortgage.
Below are some basic facts about lending guidelines for VA loans.
- Minimum down payment…………………0%
- Maximum loan amount……………………$417,000
- Minimum credit score……………………..640
- Maximum Seller contributions………….4% of purchase
- Source of down payment…………………Can be gift or secured loan
Applicants must meet certain service requirements and present a Certificate of Eligibility. A veteran will also pay a VA funding fee. This is required because a VA loan requires no down payment and has no monthly mortgage insurance. The amount of this fee varies, but your lender can help you with this. This fee can be financed or paid in cash, but it must be paid at closing.
As a 20 year veteran family of the United States Air Force, we’ve taken advantage of our VA loan benefits time and again. This is a wonderful perk for those who serve their country. Check with your lender to see if your time in service will help you qualify.
If you need a great lender with tons of experience with VA loans, give me a call. I know just who you need to speak with!
If you’re looking for a Realtor that believes in and appreciates our military as only another service member can, call me. Remember, all of my first time home buyers and military members receive a one year home warranty at closing. This is my gift to you to help you through your first year as a home owner.
To those who are currently serving and have served, thank you.