VA HOME LOANS IN COLORADO SPRINGS, COLORADO

Reblogger Guy Thomas
Mortgage and Lending with WR Starkey Mortgage

VA HOME LOANS IN COLORADO SPRINGS, COLORADO, provide an excellent way for military families, both active duty and retirees, to purchase their family home with little or nothing out of pocket. VA HOME LOANS IN COLORADO SPRINGS, COLORADO, utilized extensively by military families who are on active duty at one of the military bases located within the Colorado Springs area. Due to the number of Military who have served at one of the bases here through the years, we also have a large number of folks who decide to retire here due to the pleasant weather, lack of humidity, and numerous activities available for family members of all ages.

THE VA HOME LOANS IN COLORADO SPRINGS, COLORADO are a true "nothing down" type of financing. This is one of the big appeals to a family who is on a tight budget, or just wants to put extra dollars into home remodeling, children's college funds, or retirement funds. In fact, a seller is allowed to pay part or all of a veteran's closing costs and prepaid expenses to facilitate the sale of their home.

One interesting and often misunderstood facet of VA HOME LOANS IN COLORADO SPRINGS, COLORADO is that a veteran may use his VA entitlement more than once during his lifetime. To do this the previous loan must be paid in full upon sale of the home, or a veteran may ask a subsequent veteran purchaser to substitute his eligibility as part of the transaction, thereby releasing the old entitlement to be used again for the purchase of another home. 

Original content by Kevin Tinsley NMLS ID 108542

Working with VA home buyers in Tacoma over the years, I have this question come up quite often. 

Can I use my VA Mortgage Benefits more than once? The answer is YES!  Although using your VA benefits a second time, could be more expensive.  VA differentiates between first time and subsequent use for VA Loans with a downpayment of less than 5%.  Currently the VA funding fee for first time use is 2.15% vs 3.30 for subsequent use.  Veteran's receiving a 10% or more disability payment, are exempt from paying the VA Funding Fees.  Below is the  2009 VA funding Fee Schedule:

2009 VA Funding Fees                                   Active Duty   Reservist
                                                                        & Veterans    & National Guard

Loans for purchase or construction with downpayments of less than 5%, refinancing, and home improvemment

2.15 percent

2.40 percent

Loans for purchase or construction with downpayments of at least 5%, but less than 10%

1.50 percent

1.75 percent

Loans for purchase or construction with downpayments of 10% or more

1.25 percent

1.50 percent

Loans for manufactured homes

1 percent

1 percent

Interest rate reduction loans

.50 percent

.50 percent

Assumption of a VA-guaranteed loan

.50 percent

.50 percent

Second or subsequent use of entitlement with no downpayment

3.3 percent

3.3 percent

A second question that comes up is, If I still own the home, but have since refinanced my VA loan to a conventional loan, can I use my VA Benefits again?  The answer is YES. 

There is a quirky rule regarding restoration of eligibility when the veteran still owns a property that was financed VA, even if the property is free and clear.

VA will do a one-time restoration of eligibility to the veteran.  This restoration allows the veteran to purchase another home using their full VA Home Loan benefits.

** With the recent changes in qualifying, when keeping your current home as a rental, VA does not follow the same guidelines as Fannie Mae, Freddie Mac & FHA.  This alone could be a deal saver!  For more details on this or an VA Home Loan Question, visit us online at http://www.VAHOMELOANSTACOMA.COM 

 

Kevin Tinsley
All Tech Mortgage.com

Tacoma's #1 Mortgage Expert - Since 1996
FHA | VA | Conventional Approved
7403 Lakewood Dr W, STE 2
Lakewood, WA 98499

(253) 472-1500 Office
(800) 339-7059 Toll Free
(866) 421-1788 Fax
kevin@alltechmortgage.com
www.alltechmortgage.com

alltechmortgage tacoma

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