Veteran buyers or active-duty service members are in the drivers sit when it comes to purchasing a home. Besides…….sellers should welcome the experience of helping a veteran buyer purchase a home.
Veteran buyers have everything working on their behalf to purchase a home. Check out the following points:
- Veteran buyers 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 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 most sought after buyers 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…just their spouse
- Two veterans buying together
- The unmarried spouse of a veteran, if the veteran was killed in duty or due to a service-connected disability (note: if she re-marries, this exception goes away).
If you are veteran relocating to the DMV area or need assistance with obtaining a VA mortgage give us a call at 301-483-8073…..or send an email [email protected]. We will refer you to one of our network of senior mortgage lenders who will look out for your best interest!