VA HOME LOANS: A POWERFUL OPTION FOR THOSE WHO SERVED
If you're a veteran, active-duty service member or eligible surviving spouse, a VA-backed home loan may offer one of the strongest paths to homeownership available.
The biggest advantage? For eligible borrowers, VA financing can make buying a home possible without requiring the traditional large down payment.
But there's more to a VA loan than just zero down.
NO DOWN PAYMENT MAY BE REQUIRED
One of the best-known VA loan benefits is the possibility of financing 100% of the home's purchase price.
That can allow qualified buyers to keep more of their savings available for moving expenses, furnishings, repairs or simply maintaining an emergency fund after closing.
Keep in mind that loan approval, property requirements and individual circumstances still matter.
NO MONTHLY PRIVATE MORTGAGE INSURANCE
Many low-down-payment conventional loans require private mortgage insurance.
VA loans generally don't require monthly PMI, which can make a meaningful difference in the monthly payment.
WHAT ABOUT THE VA FUNDING FEE?
Some VA borrowers pay a one-time VA funding fee. The amount can vary based on factors such as the type of loan, down payment and whether you've used your VA benefit before.
Certain borrowers may be exempt from the funding fee.
Your lender can determine exactly what applies to your situation.
THE HOME STILL HAS TO QUALIFY
VA financing isn't only about the buyer qualifying.
The property must also meet VA requirements, and a VA appraisal is generally part of the process. That's one reason it's important to work with a lender and real estate agent who understand VA transactions.
YOU STILL NEED TO THINK ABOUT CLOSING COSTS
Zero down doesn't necessarily mean zero dollars out of pocket.
There can still be closing costs, prepaid taxes, homeowners insurance, inspections and other expenses associated with purchasing a home.
Depending on the transaction, we can also discuss whether asking the seller for allowable concessions makes sense.
START WITH YOUR BUDGET — NOT JUST YOUR APPROVAL
Getting approved for a certain purchase price doesn't automatically mean you should spend that amount.
I'd rather help you find a home with a payment that works comfortably with your lifestyle than simply focus on the maximum amount you qualify for.
READY TO USE YOUR VA HOME LOAN BENEFIT?
Whether this is your first time using your VA benefit or you've purchased with a VA loan before, we can build a plan around what you're looking for and where you want to live.
Micadez Favors, REALTOR® | MRP
EXIT Elite Realty
Let me do you a Favor.
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