Honorably discharged veterans are able to purchase a home using their VA benefit with -0- down payment up to $417,000. But did you know that a veteran can use this benefit over and over and over again?
As long as the loans are paid in full at the time the veteran sells the home, the veteran can use the VA benefit to purchase real estate continuously over their life time.
The difference is that on the first time use of this benefit, the VA funding fee (cost to use the program) is 2.15% of the loan amount. On future loans, the VA funding fee is increased to 3.30% of the loan amount. Though the VA funding fee sounds high, remember that this is 100% financing and there is NO mortgage insurance required on VA loans.
In #Ukiah, California (#Mendocino County, California) we are seeing an increase in the use of the VA home loan benefit. Used with a program sponsored by #BayEquityHomeLoans, called #LoansToHeroes, www.loanstoheroes.com, this can be a very viable lead generation strategy. If you would like more information on VA loans or #LoansToHeroes, give us a call today!