Special Benefits of the VA Loan

Dated: March 18 2021

Views: 291

Our military veterans have given so much to this country. To make it easier for these special families to qualify for and purchase a home, Veteran Affairs has a unique loan offer reserved only for retired and active military.

The VA loan offers mortgage options unavailable to the general public.

• No Down Payment – While zero down loans disappeared in the real estate bubble of the last decade, VA loans allow our military to buy a house without the stress of trying to save the down payment.

• Easier to Qualify – Most loans require a credit score of 650 or higher. Qualifying for a VA loan only requires a FICO score of 620.

• No PMI – PMI (private mortgage insurance) is required for any loan where the loan-to-value falls below 80%.

• Limits on Fees – VA borrowers are protected by strict limits to fees and closing costs. Lenders financing a VA loan cannot charge more than 1% for loan costs whereas typical financing can run as high as 2.4–3%.

• Appraisal Assistance – At times homebuyers run into problems when the appraisal does come back high enough to purchase the home at the agreed-upon price. When this happens, the VA can help by diligently reviewing the report and comparable properties and then asking the lender to adjust the appraisal if it determines that the value is not accurate.

The VA loan is a special loan program offered only to our active and retired military. These families have sacrificed so much for their country, the VA loan benefits are a small 'thank you' for their service.

Blog author image

Sweet Magnolia Homes

Sweet Magnolia Homes brings a local knowledge to the markets we serve that has been obtained from years of living and working in Atlanta and the surrounding suburbs. This means our agents are intima....

Latest Blog Posts

Seller’s Guide to Buyer Contigencies

Every news article talks about the fact that it’s a “seller’s market.” This means that if you are selling your home, you’ve probably gotten a few offers from which to

Read More

Fall and Holiday Décor Listing Tips

If you have your home on the market, it’s natural to want to create the perfect environment for potential homebuyers. This includes not only professional staging services but also time-honored

Read More

What Might Your Homeowners Insurance NOT Cover?

Here is a rundown of a few perils or occurrences that can happen to your home that your basic homeowners insurance policy will most likely not cover. It's important to know what is covered, and what

Read More

Organize Your Garage

Don’t wait for spring to do some deep cleaning. Winter is coming and fall is a great time to prepare your home against the harsh winter conditions and hazards it can bring. A clean garage will

Read More