Q: What Do You Know About VA Loans?

If your new detail is home buying, here’s the only debriefing you need.

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Soldiers can sometimes overlook their VA loan options because they’re unsure of their eligibility or perhaps just unaware of the specific terms involved and assume there’s some sort of catch. Whatever the case may be, the VA loan remains one of the best loan products out there; America’s soldiers can enjoy financing without having to supply any down payment at all. If you’re a veteran, it’s in your best interest to learn all you can about this loan. You also owe it to yourself to work with an agent who’s familiar with all the products available on the market and can get you in front of a knowledgeable local lender for a deeper dive. 

One of the biggest differences between the VA product of yesteryear and the VA loan available today is that there’s no longer a loan limit. Yes, you read that right—you can go out and get financing for whatever amount you want, depending on your income, of course. However, be aware that if you do go really high on the loan, there will be a 25% down payment requirement. For most folks, however, working within that zero-down range still opens up a world of possibilities.

      A soldier has earned themselves a smooth loan product that gives them a bit of an advantage in the market.

What’s also nice is the fact that there’s no private mortgage insurance requirement, and the funding fee can be wrapped into the loan itself. In a competitive market like ours, listing agents and home sellers appreciate the fact that VA loans tend to be less problematic than conventional loans regarding inspections, appraisal, and underwriting. After all, a soldier has earned themselves a smooth loan product that gives them a bit of an advantage in the market. 

A common misconception is that VA loans are somehow more complicated than conventional loans, but that’s not the case at all so long as you work with a professional who’s familiar with the product. Believe it or not, obtaining one is an easy process, and it’s worth the great seller response we’ve seen it trigger time and time again. 

When a bidding war erupts, not every seller is looking at price alone; there are plenty of patriotic sellers who have either served the country themselves or deeply appreciate the men and women who keep it safe, and they would be overjoyed to work with a buyer who’s also a fellow vet. A VA loan, especially when accompanied by a letter explaining who you are and your record of service, can speak volumes. 

If you’re a veteran who’s ready to buy a home in our busy market or someone who has real estate-related questions, feel free to give us a call or send an email our way. We’re always here to help!

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