When I was in college, my roommate and I both had visions of becoming Marine Corps officers. Troy wanted to fly Helicopters and after taking the ASVAB exam our Sergeant gave me a few books to read, including this one:
It appears I was destined to spend my military career looking through a scope at targets a LONG way off…
Destiny had something else in store for me though – a week before my first summer at Quantico, VA for training, I injured my knee and ankle playing basketball. There would be no military career in my future. Troy did a couple tours flying missions in Kuwait and Iraq during the first Gulf War, but my time was done. I would not serve my country in that capacity.
Today, I try to say thank you to Veterans as much as I can. One way I do that is by specializing in VA loans to help them buy homes. Many Veterans do not know a lot about the VA Loan Program and how it benefits them – so I try to educate them on what they are entitled to through the program. Here’s some of the key features of the VA Program for Veteran home buyers to know:
- You can buy a home with NO MONEY DOWN! – Up to the VA Limit of $424,100 (2017 limit) a veteran typically can buy a home with no down payment – financing 100% of the cost of the home (plus closing costs). Use those down payment funds for a nice new living room set or put it in the bank. If you are buying a home OVER that limit, that is still OK – you just have to put money down (down payment is equal to 25% of the amount OVER $424,100).
- NO Mortgage Insurance! – There is a VA Funding Fee (similar to FHA’s Upfront MIP), but for disabled veterans that is waived in many cases. So, if you are disabled from a service related injury and receive a VA Disability check, you may be exempt from paying the VA Funding Fee.
- Use it more than once! – Just because you may have bought a home before with your VA benefits does not mean you cannot use it again. Depending on the disposition of that previous home, you may have your entire entitlement restored. Even if you only have partial entitlement available you can still use the benefit – you just may have to put a down payment to purchase the home.
- Competitive Interest Rates! – Rates are typically comparable to FHA or Conventional loans – so you can keep your payment amount in check!
- LOW Closing Costs! – Veterans cannot be charged certain items when buying a home – many times, those charges are paid for by the seller of the home, the broker, etc… So you will potentially incur fewer charges when buying a home through the VA Program.
- You can buy a Single Family, Condo, PUD, or 2-4 unit home. The home has to be in livable condition – they don’t allow for rehab work to be done (future post on rehabs coming soon!). And just an FYI – there are over 700 VA approved condos in Cook County, IL where I am… Just in case you cringe at the thought of yard work. 😉
These are just a few of the great benefits a VA Home Loan provides for our Veterans. If you served in the US Military and want to learn more, please feel free to contact me!
And as an added thank you to our Veterans – I will donate 5% of my commission on all closed VA Purchases to the Semper Fi Fund! Click link below for more info on this great organization:
Mike Heitz – Mortgage Loan Originator – NMLS 323846
A & G Mortgage Solutions, Inc – Company NMLS 149977
Phone: 708-409-8000 Fax: 708-409-0260
10450 W. Cermak Rd Westchester Il 60154