What all Realtors Should Know About VA Loans
A thorough explanation about VA Loans from the perspective of a mortgage broker.
As a Realtor, having some of this information at your disposal by working with a qualified VA loan lender will help you to find this very deserving group a place to call home.
The Veterans Administration Mortgage Guarantee Program has proven to be a very valuable resource for Veterans. The program is administered by the Department of Veteran's Affairs, and over the years, has insured thousands of home loans for the men and women who bravely served our country as well as the spouses of those killed in the line of duty.
Originally conceived in 1944, the Veterans Administration Mortgage Guarantee Program was a way to defray some of the emotional and financial concerns of a man or woman returning from war.
The biggest advantage to a VA loan is it can be financed one-hundred percent. There is no money down required, making it a terrific option for first time home buyers.
VA loans are also appealing as they do not require monthly mortgage insurance. VA Mortgages do require a funding fee which is automatically financed into your mortgage. This can save service men and woman hundreds of dollars monthly. The funding fee is waived for Veterans with a service related disability.
Another advantage is that the required credit score can be a bit lower than traditional loan programs; 620 or above is generally acceptable and the interest rates are often as low as a FHA loan.
The next logical question is who is eligible for a VA Mortgage? The answer is Veterans, Active duty personnel, Reservists/National Guard members and some surviving spouses.
There are two required certificates;
It is important that Veteran's go through a VA approved lender, like Poli Mortgage Group, rather than through a bank or credit union as specialized VA lenders can usually assist the buyer with procuring their certificate of eligibility;
At the end of the day finding Veteran's a place to call home is easy as long as you have all the facts at your fingertips and a qualified lender on your side.
Page Updated Last on: Sep 26, 2012