Veteran Buyers

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!