Matt Polsky is a mortgage commentator working the one of the largest VA mortgage centers in the country. He has supplied me with this guest blog about what they can do for clients here in MA. Should you be a veteran in need of some assistance with questions and loans don’t hesitate to give me or Matt a call.
Massachusetts VA Loans,
by Matt Polsky Mortgage Commentator,VA Mortgage Center.com,mpolsky@vamortgagecenter.com,(573) 876-2600. http://www.vamortgagecenter.com/
Faced with tumultuous credit and housing markets, veterans in Massachusetts and across the country continue to flock to VA loans – in increasingly astounding numbers.
The Department of Veterans Affairs guaranteed more than $68 billion in single-family home loans for the fiscal year that just ended on September 30. That’s an 80-percent increase from last year.
“VA is performing extremely very well,” Mark Bologna, director of the VA home loan guarantee program, recently told National Mortgage News Online. “We outperform every other product on the market including prime loans.”
The VA offers one of the most flexible and low-cost home loan options in the nation. In fact, Massachusetts VA loans are one of the last ways qualified buyers can purchase a home with no money down.
Along with 100 percent financing, qualified veterans can also save money by avoiding private monthly mortgage insurance, or PMI. All conventional loans require PMI for borrowers who put down less than 20 percent. Other significant VA loan benefits include:
-A negotiable interest rate
-Borrowers can finance the VA funding fee
-Borrowers can have the seller pay up to 6 percent of closing costs and concessions
-The ability to prepay without financial penalty
Veterans must be deemed eligible before applying for a VA loan. To qualify, veterans must first obtain a Certificate of Eligibility (COE), a formal application that proves their military service and VA entitlement. These can be obtained directly from the VA website or through qualified mortgage experts. Those who may qualify for a VA loan are:
-Military members who’ve served 181 days on active duty or three months during war time may be eligible.
-People who have spent at least a half-dozen years in the National Guard or Reserves
-Spouses of those killed in the line of duty
Not everyone who qualifies will ultimately get a VA loan. The VA does not have requirements regarding credit and income, but the lenders who ultimately issue the loan will. Applicants generally need a credit score of at least 620.
The current VA loan limit for borrowers in Pennsylvania is $417,000. But the VA also provides competitive rates on jumbo loans. Whether buying a home in Boston, Milton, or Brokton, Massachusetts is a great state for veterans to settle down.
Learn more about the VA loan process by contacting a VA-approved lender such as VA Mortgage Center.com.
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