VA Mortgage Basics
What is a VA Mortgage?
The Department of Veterans Affairs (VA) guarantees loans to help qualified veterans, reservists, and active-duty service members to finance their homes. Refinance or Purchase. The VA loan allows veterans 100% financing without private mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.
Active Duty Military/Veterans and their families have been at the heart of many of the programs of the U.S. Department of Housing and Urban Development (HUD) — even before HUD became a Federal Department. After World War II, Federal Housing Administration (FHA) mortgage insurance combined with Veteran’s Administration mortgage guarantees to help returning veterans achieve the American dream and buy their own homes in record numbers.
You can apply for a Certificate of Eligibility by filling out a governmental form called the VA Form 26-1880, Request For a Certificate of Eligibility For Home Loan Benefits.
Check with your lender if you don’t know if you cant find your certificate, they can quickly process your request and find out if you are eligible for a VA mortgage through a system called ACE.
VA Mortgage Benefits
A VA home loan is one reward that is available to them, and a reward that those of us in Real Estate Industry need to make them aware of, and the advantages that VA Mortgage provide them with.
VA Mortgage benefits for a Veteran:
- No down payment
- No PMI
- Loan amounts up to $417,000
- Assumable mortgages
Those who are eligible:
- Honorably discharged
- Widow/widower of eligible service member or spouse of an MIA or POW
- Wartime service – a minimum of 90 days active duty
- Peacetime periods – 181 days of continuous active duty
- Actively in service or a valid VA Form DD214
- Have certificate of eligibility
Hopefully this will assist Veterans be aware of and utilize every benefit that they are entitled to.
For more information call Colleen Kulikowski
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