8 Benefits to Help Veterans Buy, Keep, and Sell Homes

8 benefits of the VA home loan for eligible veterans. Find this image on blog.phmc.com

No one deserves the American Dream more than our veterans who fight to protect it. In a recent survey, veterans explain why they have not used the VA home loan benefit. Among the main reasons was lack of information on how to use their VA benefits. In 2016, VA home loan guarantees rose 12% from the previous year. Let’s continue to spread awareness and help more vets into homes!

As a VA approved lender, we honor your service with 0% DOWN & much more!

Benefits 1 through 4:

1. 0% down

Let’s start with one of the best benefits offered to those who have served our country: 0% down payment!  You earned it.  You can obtain 100% financing for your new home, and then use your extra funds for furniture and your savings account!

2. Relaxed credit requirements

From a credit perspective, it is easier for you to get approved than conventional or FHA because the VA does not require a specific FICO score. If you have low or no credit, call us on your potential options!

3. No Mortgage insurance

Mortgage insurance rates vary and normally are factored into your monthly payment when you put less than 20%. With the VA home loan, you pay $0 no matter how much you put down! This adds extra savings for the VA home buyer to pay bills or put into savings.

4. Lower rates

Another way the VA home loan keeps your money in your pocket! Lower rates is just another way to thank you for your service. 

Click here to learn more about Platinum Home Mortgage's VA loan options. Find this image on blog.phmc.com

Benefits 5 through 8:

5. Fewer closing costs

The VA loan is government-backed, adding more protection to our veterans. One of those protections is to limit extra fees added throughout the transaction, such as closing costs.

6. Up to 4% credit from seller

Let’s do the math: With a $200,000.00 loan, you are able to get up to an $8,000.00 credit from the seller. With the ability to obtain a closing cost credit from the seller, think about all of the expenses it can pay for:

  • Only loan option that allows credit to be used towards debt reduction
  • Pre-pay your homeowner’s insurance & property taxes
  • A warranty  & inspection on your new home
  • Your attorney
7. It’s a loan option that’s assumable

What does assumable mean? If you need to move for any reason, such as active duty and relocated, your buyer can take over your loan and start making payments right away. This benefit makes the selling of the home just as easy as buying the home.  Easy to get in, easy to get out!

8. VA protection from housing defaults

When a VA-guaranteed home loan becomes delinquent, VA provides supplemental servicing assistance to help cure the default. Click here to find more information about the Servicemembers Civil Relief Act.

Click here to learn more about Platinum Home Mortgage's VA loan options. Find this image on blog.phmc.com

 

Matt Malec is a senior mortgage consultant at Platinum Home Mortgage. Find this image on blog.phmc.comMatt Malec December Free Mortgage Payment Contest Winner | blog.phmc.com

Phone: 630-768-0814 (cell)

847-454-8140 (office)

Email: matt.malec@phmc.com

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