VA Loans Offer Zero Down and No Monthly Mortgage Insurance

Reblogger Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate Agent with Real Estate One 6501304423

As realtors we sometimes miss the news about mortgages and sometimes need a re-cap of what some of the mortgage programs are like.  Lillian has put out the basics of VA mortgages which I think are becoming more popular because of the larger number of veterans we have now.

Original content by Lillian Wong NMLS 630337

VA loans offer very attractive benefits for our veterans and active military members and eligible spouses. Whether clients are first-time buyers or re-using VA benefits, this flexible, low-cost loan can accommodate a variety of situations. Highlights include:

  • 100% financing on purchases up to VA county loan limits*
  • No monthly mortgage insurance required**
  • Flexible credit with FICO as low as 580***
  • Low interest rate loans
  • Loan amount to $2 million****

Many veterans don’t know that the VA allows multiple uses of the benefit. For example, if the borrower had a VA loan and paid off that loan or sold the home, they could then buy again using a VA loan. Alternately, if the veteran currently has a VA loan but has remaining entitlement to apply toward another home purchase, the veteran-borrower could have two mortgages with VA loans.

A good strategy would be to ask all your clients if they have served in the military. If they have, I can evaluate whether they meet the VA’s qualifying criteria. I can then help your clients understand their eligibility, figure how much they could qualify for and secure their Certificate of Eligibility.

Contact me anytime to learn more about VA loans.

* If VA County loan limits exceeded, a minimum down payment is required and minimum FICO score requirements apply.

** Most VA loans will require a funding fee.

*** Additional restrictions apply for FICOs

**** Additional restrictions apply for high-balance loan amounts. 

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Rainmaker
48,193
Shuchi Agrawal
Kanam Realty Group/Kanam Commercial - Flower Mound, TX
Serving Dallas / Ft. Worth

Great re-blog Russ Ravary.  It is very important for us to bring content like this in front of our clients.  These present options to them, they may not know exist.  VAs should definitely take advantage of these kinds of opportunities.

Mar 29, 2015 10:28 AM #1
Rainmaker
536,699
Mark Don McInnes, Sandpoint
Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Hello Russ, 

Yes a great repost.  I do not envy lenders trying to keep up with all the programs and changes made.  Mark

Mar 30, 2015 03:11 AM #2
Rainmaker
798,709
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Russ - There certainly are some advantages of going with a VA loan if one qualifies. I have some buyers right now who plan to get a VA loan on the home I find them to purchase.

Mar 30, 2015 11:50 AM #3
Rainmaker
2,704,862
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Russ,

Great choice for a reblog, our veterans deserve all we can do.

Mar 30, 2015 11:53 AM #4
Rainmaker
1,952,996
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Every day is Veterans Day... help use those benefits... Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239 

Mar 30, 2015 08:23 PM #5
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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239

Michigan homes for sale ~ yesmyrealtor@gmail.com
If you have any questions, feel free to contact me!
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