Veterans

The VA loan will save you thousands of dollars over the life of a loan, yet, many Veterans are not utilizing this benefit.  As a fellow Veteran who have personally used and implemented the VA loan for my customers, I encourage you to not be guided away from this hard earned benefit.  

I have partnered with lenders who are experience with the VA loan and are committed to making it work for your home purchase.

VA Loan Basics

WHAT IS A VA LOAN?

Created in 1944 as part of the GI Bill

“Provide more affordable, no down payment program to assist veterans, active duty and qualified state militia, or their surviving spouse with the purchase of a primary residence”

VA makes a loan guarantee to the lending institution (i.e. insurance) of 25% of the loan amount

VA does not lend money

Funding fees – a self-insurance pool of funds

No mortgage insurance

Foreclosure rate is 1/10th of all loans

Entitlements

COE (Certificate of Eligibility)

DD214

Less than 2% have one!

 

WHO IS ELIGIBLE?

Veterans

Active Duty members (from time of entry in the fleet)

National Guard

Reserve members

Minimum service time requirement:

War-time: typically 90 total days

      (1980-Present: 24 continuous months OR at least 181 days active)

Peace-time: typically 181 continuous

Active duty: 90 continuous days

Reserves/National Guard = 6 years of continuous active drilling

 

PROPERTY INFORMATION

    • 1-4 unit
    • Affixed to permanent foundation
    • Condo/townhomes
    • Brand new properties (<1 year) are eligible but the builder must be approved
    • Termite and water inspections
    • Appraisers must report evidence of termites, fungal growth, and dry rot
    • Must meet standards of safety, sound, and sanitation and be free of hazards
    • Heat source must be validated
    • Agricultural zoning is OK
    • Energy-efficient items (cost rolled into the loan):

      • Up to $3000: only need an invoice

      • $3000-$6000: increase in the payment cannot be greater than utility savings