VA Mortgage

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

With the number of our young men and women serving overseas in recent years, we once again have a large number new Veteran’s who are eligible for VA Mortgages. Our men and women who have bravely served our country receive very little in return for putting their lives on the line, so that we back home can enjoy the freedoms that we have been blessed with. Aside from the pride of knowing that they are protecting our freedom, and hoping to extend the same to others around the world, there is very little else that they return back home with.

A VA home loan is one reward that is available to them, and a reward that those of us in Real Estate Industry need to make them aware of, and the advantages that VA Mortgage provide them with.

VA Mortgage benefits for a Veteran:

  • No down payment
  • No PMI
  • Loan amounts up to $417,000
  • Assumable mortgages

Those who are eligible:

  • Honorably discharged
  • Widow/widower of eligible service member or spouse of an MIA or POW
  • Wartime service – a minimum of 90 days active duty
  • Peacetime periods – 181 days of continuous active duty
  • Actively in service or a valid VA Form DD214
  • Have certificate of eligibilit

VA Mortgages can also be combined with State Bonded Loan Programs like Connecticut Housing Finance (CHFA) here in Connecticut. If a Veteran is a First Time Homebuyer, they can do a CHFA/VA loan, in which they can combined all the advantages of a VA Mortgage with the below market interest rates that CHFA offers. In fact CHFA reduces their already low rate to Veterans by an additional .125%.

Let’s all do our job and honor our Veterans by making sure that they are aware of and utilize everything that they are entitled to, they have more than deserved it.

 

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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Military Relocations
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Rainer
68,842
Judy Tuscano
Prudential Verani Realty - Nottingham, NH
NH Real Estate Professional

Thanks for the reminder George - Our Vetrans deserve every benefit due them and so much more.

Mar 18, 2009 06:19 AM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judy they sure do.

Mar 18, 2009 06:34 AM #2
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Donna Bigda
RE/MAX Alliance - Branford, CT
Greater New Haven CT Real Estate

George - This is a wonderful program for our service men and women.  My son is in the Army and thanks to the VA mortgage was able to purchase his own home in Louisiana. 

Mar 18, 2009 06:39 AM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Donna It is a great program and it is even better when it is a first time homebuyer and they are able to combined it with CHFA and get even a lower rate and no PMI.

Mar 18, 2009 06:45 AM #4
Rainmaker
1,306,894
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I always support our Veterans.  However, the VA is way behind in its policy regarding allowing the buyer the ability to pay a portion of the buyer agent fee.  In many of the towns where I work, the agents do NOT split the fees equally ... and so the buyer may want representation and the ability to pay the difference between what is being offered as a co-broke fee and the total amount of the buyer agent fee.  This often means the buyer will go without representation which they would like to have.  The FHA got rid of this prohibition years ago.  One of my veteran clients tried to bring this to the VA attention, but he didn't know exactly who to take this issue to.  Any thoughts?

Mar 18, 2009 07:10 AM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Joan it seems to me like it is a dual problem, one the VA not allowing for that, and second agents not spliting fees equally.  The Realtors around here have not brought that to my attention as to Listing Realtors not spliting the fees equally with them on VA Loans.

Mar 18, 2009 07:30 AM #6
Rainmaker
505,115
Maggie Dokic
Special Miami Homes - Miami, FL
GREEN, CDPE, SFR, Pinecrest | Palmetto Bay |

George,I think this is a great benefit for our vets.

Do VA loans also offer better rates than the person might get with a conventional product? 

Mar 18, 2009 10:25 AM #7
Rainmaker
596,922
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. As you know my sister is a vet, and she has come to see you.  She is working on the things you suggested and is planning on purchasing a home via a VA mortgage.  Thanks for the help.

valerie osterhoudt

Mar 18, 2009 12:40 PM #8
Rainmaker
296,619
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

George- VA loans are a real plus for eligible Veterans.  We just need more lenders and Agents to understand them.  Thanks for the reminder.

Mar 18, 2009 12:43 PM #9
Rainer
16,131
Edward McCaffrey
Page Taft Real Living - Essex, CT
ABR, GRI, e-PRO

George - great reminder to keep these loans in mind.  Even though they don't need any money down, I would advise that the borrower not have a PITI more than 31% of their gross income - or maybe there are guidelines on VA mortgages already?

Mar 18, 2009 01:43 PM #10
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Maggie, no the rates are about the same most of the time.

Valerie, Yep I remember and I am looking forward to working with her.

Kathy, your right not every Loan Officer is familiar with VA Loans, and not all Lenders do them.

Ed, VA probably has the tightest guidelines when it comes to Debt-To-Income Ratio's.  The front end is higher than 31% but there is no set ration on the front.  The back however will usually fall somewhere between 41 - 45% depending on the residual income.  These days those are fairly low ratio's.

Mar 18, 2009 02:14 PM #11
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I love the VA loan.  It's the only true no down payment loan with no interest penalty.  I only know one way to write it, no down payment all closing paid by seller. 

It works. 

Mar 19, 2009 09:44 AM #12
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
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Lenn, I agree.  The Buyer is better off keeping his money to take care of emergencies, and up keep on the house.

Mar 19, 2009 11:33 AM #13
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

VA Loans are the best thing going in todays market.  One of the first questions I ask a military family who is considering buying is whether they are VA eligible.  If the answer is YES we work from there.

Mar 19, 2009 02:30 PM #14
Rainer
65,070
Ken Kelly
Benchmark Mortgage - Chesterfield, VA

I've been specializing in VA loans for the past 20 years and I strongly believe they are the

best way to go (if eligible).

Mar 20, 2009 01:16 AM #15
Rainmaker
401,670
Philip Turner
MCCUE MORTGAGE COMPANY - New London, CT
Mortgage Banker Since 1980

George - just one addition to your post.  VA does have a VA Funding Fee of 2.15% of the loan amount in most cases.  It is waived for veterans with at least a 10% VA disability.  It is also higher if the veteran has used their VA eligibility in the past.

Mar 20, 2009 12:40 PM #16
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Ken, you are right, it is hard to beat no money down and no PMI.

Phil, great point.

Mar 20, 2009 02:22 PM #17
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