I've written before about the benefits of a VA home loan regarding how easy the program is to work with. Over and above it's ease, and the great interest rates, another benefit of VA loans are the special bonuses the program offers Veterans. Here's list of a few things Veterans are allowed to enjoy:
Other loan programs cap the credits from the Seller at closing. Depending on the loan program, the maximum amount of closing costs the seller can pay is anywhere from 3-6% of the contract price. This isn't the case with VA. When buying a home, a Veteran can have ALL of their loan costs paid by the Seller at closing, regardless of the amount.
Closing cost credits are allowed on all programs but VA loans allow for an additional credit at closing. A credit at closing for an additional 4% of the purchase price is allowed for things like appliance purchases, and credits to repair things. For instance, if the home's carpet is really bad, the VA will allow you to receive a credit at closing to replace the carpet.
VA guidelines are very lenient especially when it comes to major credit events such as Bankruptcy and Foreclosures. Other loan programs require a waiting period of 3 years or more before another loan can be obtained, but, the VA allows a new loan after only two years. Even if your foreclosure was on a VA insured loan, Veterans can still obtain a new loan using their bonus entitlement.
All loan programs allow for exceptions, but VA loans go over and beyond what any other loan program offers. It doesn't matter what the situation is, the VA will review a loan for approval even if it doesn't meet guidelines if the situation make sense. They're really good about compensating factors too.
No Monthly Mortgage Insurance
A Veteran can buy a home with 0% down. What's even greater than that is this 100% financing can be obtained without having monthly mortgage insurance. Mortgage insurance can be quite expensive so not having to pay this at all is a huge benefit.
If you're looking into a VA loan and hear any negative feedback on the program at all, then you're not working with a mortgage professional that's familiar with the program. For in-depth and accurate information about VA loans and the loan process in general, please just contact me directly and I'd be happy to help!
Contact Wendy 7 days a week for more information:
Phone or Text: 321-504-1175
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