What You Need To Know About VA Loans

What You Need To Know About VA Loans

VA LOANS: Do You Know What You Are Entitled To?

Statistics from a VA Survey in 2016 show that 1 in 3 Vets don’t know about VA Loans and what they can mean for them when buying a house.

Began in 1944 – the government has been approving companies to fund VA Loans and always guarantees the loan for the bank. This means the loans are provided by private lenders like banks & mortgage companies. The VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms

In 2017 $188 billion went towards VA loans, $254,000 was the average loan amount & 740,000 total VA loans approved

VA Loans May Be Used To:

  • Buy a home, a condominium unit in a VA-approved project

  • Build a home

  • Simultaneously purchase and improve a home

  • Improve a home by installing energy-related features or making energy efficient improvements

  • Buy a manufactured home and/or lot

  • To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate

  • To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home

Benefits:

  • Zero down payment as long as the sale price does not exceed the appraised value

  • Guaranteed Max: $424,000 (Michigan max for 2017)

  • No mortgage insurance is require

  • Competitive interest rates

  • Backed by the US Government

  • Easy to quality

  • No prepayment penalties

  • Does not expire/reusable

Other possible benefits:

  • Option to adapt homes for veterans with service connected disabilities

  • Many states offer tax reductions

  • Eligible Native American Veterans receive help financing homes on Federal Trust Land

  • For new homes, 1-year warranty required from builder

  • Financial counseling available for vets

Qualifying for a VA Loan:

  • You may be eligible if –

  • You served 90+ days active duty during wartime

  • You served 181+ days active duty during peacetime

  • You were not dishonorably discharged

  • You are currently on active duty

  • You are the surviving spouse of a veteran who died during service or because of service-related injuries and are not remarried

Common Documents Needed:

  • Credit score

  • Savings

  • Bankruptcy

  • Income

  • Employment

  • Certificate of Eligibility

If I can help you or someone you know, give me a call at 231-519-1872.

*Data taken from the Veterans Benefits Administration website and may be subject to change. Consult a qualified lender for the most up to date information.


Kelly Pangburn Headshot
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Phone: 231-519-1872
Dated: July 27th 2018
Views: 637
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Location & Address

Pangburn Properties, Inc.
28 South Maple Street, P.O. Box 8
Grant, MI
231-674-5462
231-834-9199