Veteran buyers and active-duty service members are in the driver’s seat when it comes to purchasing a home. Besides, what seller would not enjoy the experience of helping a veteran buyer purchase a home?
Veteran buyers have everything working on their behalf when it comes times to purchase a home. Check out these following points:
• VA loans requires no money down
• The seller can pay any or all of the buyer’s closing costs
• Most lenders can help pay some of the veteran’s closing costs with just a small increase in the interest rate
• A veteran can get all of their needed cash as a gift
• A veteran can even borrow the money that they need for closing, as long as they qualify carrying that loan payment.
• A veteran does not need a first-time home buyer program…so a VA loan can be approved and closed in 30 days
• A veteran does not pay any monthly mortgage insurance Veteran buyers are the sought after buyer out there because a VA mortgage is the easiest type of mortgage to process…and no down payment is required. With the help of the seller and mortgage lender, the veteran buyer may only have a small amount of closing costs to pay (or none at all).
Now, let’s dispel a few myths or note some important facts:
• VA only makes loans for a veteran’s primary residence…no second homes…no investment properties
• A veteran can use their VA eligibility over and over again…it is not a 1-time deal.
The only person/people allowed on a VA loan are:
• A veteran buying by themselves
• A veteran and his/her spouse…not their “significant other”…not their kids…not their parents
• Two veterans buying together
• The unmarried spouse of a veteran, if the veteran was killed in active duty or due to a service-connected disability (note: if he/she re-marries, this exception goes away).
Now is the time to make that move to that dream home. If you are relocating to the DMV area and need assistance with obtaining a mortgage give us a call or send an email. We will refer you to one of our network of senior mortgage lenders who will look out for your best interest.