Veterans should consider some of the advantages of VA home loans before arranging for a new mortgage to finance your home purchase. A few of the advantages are:
* No down payment required in most cases.
* Flexibility of negotiating interest rates with your lender.
* No MI (monthly mortgage insurance) premium to pay.
* An appraisal, to inform the buyer of the estimated property value.
* 30-year loans with a choice of repayment plans.
* Several loan options to select from.
* Right to prepay loan without penalty.
VA Home Loans
* Loans generally may not exceed $417,000. This figure is subject to at anytime.
* Limitation on buyer's closing costs.
Veteran Homeowner Assitance
VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.
* Apply for a Certificate of Eligibility (COE). To get your Certificate of Eligibility (COE) online, please go to the eBenefits portal.
* Decide on a home to buy and sign a purchase agreement.
* Apply to a VA mortgage lender for the loan.
* Order an appraisal from VA. (Usually this completed by the loan officer).
*Close the loan and move in.
Contact Peters & Associates, Inc. and we will direct you to a VA loan officer.