Special Benefits of the VA Loan

Dated: March 18 2021

Views: 264

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

Stay Focused on Your Housing Goals

Buying or selling a home can be stressful, even in normal times. Right now, when the housing market is moving at a frenetic pace, both buyers and sellers are making quick decisions and are feeling

Read More

Top Trends for Your Outdoor Living Space

Summer is here and you’re spending more time outdoors. For most of us, this still means primarily in our own backyards. Personal outdoor space has never been more popular and if yours could

Read More

MAKE YOUR HOME STAND OUT THIS SUMMER

June, the official start to the summer, which means one important thing - home selling season is upon us. With the kids home from school and vacation time accumulated, both buyers and sellers are

Read More

HOW TO DECIDE IF YOU SHOULD REMODEL OR MOVE

1. Determine which is more cost-friendlyWhile both options will have costs, one will have more than the other depending on your situation. Some of the costs of selling include agent commissions,

Read More