VA Loans For Veterans
We understand that buying a home is one of the biggest decisions you will ever make. But your home buying journey does not have to be a difficult one. No matter your status, whether you are a first-time homebuyer or are practiced with the procedure, we want to make your home buying experience as easy as possible.
History of the VA Loan
Starting in 1944, home loan guarantees were part of the original GI Bill. Since then, the VA has guaranteed more than 18 million home loans worth over $911 billion. 2008 marked the year that 180,000 veterans, active duty service members, and survivors of veterans received VA home loans valued at about $36 billion. Of these VA loans, more than 90 percent were no-down payment loans.
The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home (as long as the sale price does not exceed the appraised value of the home).
Still, generally when a contract is signed, the seller requires veterans to put down money towards closing costs as well as earnest money. Yet, closing costs may be paid by the seller, which can be settled after the sale price of the home is determined.
Steps to Ensure A Smooth Buying Experience
Follow these simple steps to ensure a straightforward home buying experience.
First, figure out how much you can afford to pay for a home by using the debt to income ratios.
Second, get pre-approved on your home loan by knowing that your mortgage loan and credit report are already approved. Then you can look for a new home with confidence. A pre-approval lets the seller know that you offer is solid. The seller will then take you as a serious buyer.
Veterans who are ready to purchase a home, if 100% financing isn’t enough, there are more benefits to applying for your VA home loans:
Provided the person assuming the loan is qualified, VA home loans are assumable.
To ensure that you won’t be asked to pay more than a fair price for closing costs, the VA home loan limits Veterans’ closing costs.
If you ever find you are having problems making your home loan payments any time in the future, you have the VA behind you offering additional assistance.
Without penalty, Veterans can prepay their VA Home Loans.
How to Get Started Today
Get started on your VA Loan today by filling out our 1 minute Loan Quote!