VA Home Purchase Program

 

The VA Home Loan Guaranty is an earned benefit available to Veterans. Throughout the history of our country, it has been a priority of the government and the citizens to support those who protect and defend us as part of our military. All veterans who served a required length of time with an acceptable character of service, can receive the benefit. The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence with no money down towards the sale price, as long as the sale price does not exceed the appraised value of the property. Veterans do need money towards closing costs as well as earnest money, which a seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated when the sale price of the property is agreed upon.

 
Benefits of a VA Home Loan:
1. No Down Payment Required
2. No monthly mortgage insurance premiums- (HUGE SAVINGS MONTHLY compared to conventional borrowers.)
3. Leniency on credit and employment history
4. No reserve requirements (1 unit only)
5. Automated underwriting and traditional underwriting using residual income and debt to income ratios
6. Seller can pay off debt for borrower
7. 100% gift funds allowed
8. 2 years on Chapter 7 BK discharge
9. 1 year on Chapter 13 BK pay out
10. Limitations on Veteran buyers' closing costs
11. Freely negotiable fixed interest rate
12. Varied repayment terms: traditional fixed, hybrid adjustable rate, graduated payments, growing equity
13. Right to repay without penalty
14. Assumable mortgage
15. Refinancing options
16. VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties
   
Through our strategic partnerships, we are able to bring you the highest quality of service. The partners above are just a few of the many reputable companies we work with on a regular basis.
 
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