Hats off and deep appreciation for all those who serve in the military and we do exceptional things for them in real estate for them for that reason including
A Financing Break For The Mom At War And All That Serve
It is called the VA loan. The highlights:
Veterans' Administration is basically an insurance company which guarantees the payments to the lenders which can stretch the guidelines and offer competitive terms
No money down for someone in good standing and a loan in most cases to $417,000
The closing costs are negotiated in the sales price and the seller pays for them which can lower the cash to get into a home
Lenders as stated because of the guarantee of repayment are liberal with dings in the credit
Income qualifying is based on Residual Income looking at ALL expenses, not just housing, and is an easier qualification than strictly income ratios
The funding fee to set up a fund to reimburse lenders in case of default is typically added to the loan instead of paying thousands of dollars up front, again saving a major cash outlay
When it comes to refinancing at better rates in the future it is much easier without all the verifications of credit, income, appraisals, and assets of other loans, and closing costs can be added to the loan.
For the fine details of the VA mortgage loan programs talk to a mortgage expert and it should be a busy area in the real estate market as three million veterans will be returning in the next couple of years. Also deployed Moms and all veterans can work with agents while still deployed with email and contact to prepare for their purchases.
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