Calling all VETS – A good time to buy!
What is the best mortgage that we see out in the market today?
If you're a Veteran, one of the best loans available is the V/A loan for a purchase or a Refinance.
Here are 6 reasons why the VA loan is a great loan for veterans.
1. Low interest rates
2. Zero down payment
3. No Mortgage insurance needed
4. Seller is allowed to pay for all the closing costs, allowing the veteran to buy a home with zero down and zero closing costs
5. Fico score as low as 620
6. Resale- when you decide to sell, any Veteran can assume your low rates if they qulify to buy. This means your home has advantages in a high interest year.
Did you know that even though the V/A offers a loan with 0 down, that even during the housing and mortgage crisis of 2007-2012 the V/A loans were the best performing loans in regard to foreclosures and short-sales.
So, even though most of the V/A loans that were purchased during this time were eventually 'underwater', the Veteran continued to make their payment.
So your a Vet, what do you do next inorder to buy a home?
1. Find a Lender and get Pre-approved for your loan.
2. Contact your Relator if you need help finding a good lender they trust that understands the VA loan process.
3. Contact a Realtor that can help you find a home that fits your needs.
4. Be patient, there are still lots of first time buyers trying to find a homes that you will be competing against. It was common in 2013 for there to be over 10 offers on a single home. In 2014 things have settled down a bit, but we still see multiple offers in the ROSEVILLE AREA lower priced home market.
If you are a Vet and have some money to put down, you will score a better chance getting your offer accepted in the ROSEVILLE CA MARKET. In a multiple offer situation, the strongest buyers sometimes win the deal and not necessarily the highest offer. So the more you put down and the less you have the seller pay for, this will make your offer more competitive.
Who do you know that is a Veteran or currently in the service that is interested in buying a home through the V/A? With no down payment and no payment of closing costs available, the Veteran just needs to find a home that fits his/her payment qualifications.
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