{"id":27968,"date":"2022-01-16T20:20:38","date_gmt":"2022-01-16T20:20:38","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/?p=27968"},"modified":"2022-01-17T09:17:41","modified_gmt":"2022-01-17T09:17:41","slug":"va-home-loan-benefits","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/va-home-loan-benefits\/","title":{"rendered":"VA Home Loan Benefits"},"content":{"rendered":"

 <\/p>\n

\n

\"Home<\/p>\n

\u00a0Zero-down home loan program which dramatically reduces the amount of cash brought to the settlement table.<\/h2>\n

The Department of Veterans Affairs was first established back in 1930. The VA established multiple programs for returning soldiers for many reasons but one of the more important was to help these soldiers more easily assimilate back into civilian life. One of the more popular programs introduced was the VA Home Loan Benefit. For those who qualify, it is hands-down the best option to finance an owner-occupied home for those wanting to come to the closing table with as little cash to close as possible. What are these benefits?<\/p>\n

Probably the best benefit is the fact that there is no down payment needed. It\u2019s a true zero-down home loan program<\/strong> which dramatically reduces the amount of cash brought to the settlement table. Conventional loans<\/a> offer<\/a> low down payment programs but not a zero-down program. Further, conventional loans with less than 20% down typically require mortgage insurance<\/a>, which is an additional fee borrowers must pay. Most such policies are paid monthly, reducing the overall amount of home the borrower can qualify for.<\/p>\n

VA loans also have a form of mortgage<\/a> insurance. This policy comes in the form of an upfront fee that is rolled into the loan amount. This fee is referred to as the Funding<\/a> Fee. If a VA loan goes into default, which is rare for VA loans, the lender is compensated at 25% of the loss. Plus, there is no monthly mortgage insurance<\/a> premium which allows borrowers to qualify for a higher amount. The funding fee can vary based upon the number of times a VA loan has been used and ranges from 2.3% of the loan amount and up to 3.6% for subsequent use.<\/p>\n

Another unique benefit relates to closing costs. Borrowers are only allowed to pay certain types of fees. These fees include an appraisal, credit, title, origination and recording fees. All other fees must be paid for by others involved in the transaction. The sellers for example are allowed to pay for some or all of the borrower\u2019s closing costs. Lenders<\/a> can also offer a credit to be applied toward closing costs at the settlement table.<\/p>\n

Another plus comes when those with an existing VA home loan want to refinance. VA loans can be refinanced with a \u2018streamlined\u2019 method. A streamline means there is a significant reduction in the amount of documentation needed to close the transaction. No minimum credit score, no appraisal and no income or employment verification is needed.<\/p>\n

VA loans are available for veterans of the armed forces but are also available to others. Active duty personnel may also be eligible with at least 181 days of service. National Guard and Armed Forces Reserve members can also qualify for the program with at least six years of service in addition to unremarried surviving spouses of those who have died while serving or as a result of a service-related disability.<\/p>\n

Interest rates for VA loans are also extremely competitive compared to other low down payment programs. Further, the VA recently removed the maximum loan<\/a> amount requirement. Historically, the loan amount followed current conventional loan limits but today, the VA does not have a limit. Individual lenders can institute their own maximum loan limits should they choose but the VA no longer mandates it.<\/p>\n

If you\u2019re eligible this is an ideal loan program. If you\u2019re not sure you\u2019re eligible, contact me directly and we\u2019ll work over the program guidelines together including current VA home loan rates, closing costs and qualifying.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

  \u00a0Zero-down home loan program which dramatically reduces the amount of cash brought to the settlement … VA Home Loan Benefits<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":28016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[724],"tags":[4751,5161,625,12908,543,347,5159,698,1329,604,408,41,818,5162,61,10234,5163,5160,5169,5170,5171,5164,5165,5166,5172,5173,5174,5175,5176,5177,5178,5167,5168],"class_list":["post-27968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-amazing","tag-california-va-home-loan-benefits","tag-down-payment","tag-home","tag-home-buying-guide","tag-home-loan","tag-home-loan-benefits","tag-insurance","tag-loan","tag-loans","tag-mortgage","tag-property","tag-real","tag-reservist-va-home-loan-benefits","tag-seller","tag-settlement","tag-texas-va-home-loan-benefits","tag-va-home-loan-benefits","tag-va-home-loan-benefits-2021","tag-va-home-loan-benefits-advantages","tag-va-home-loan-benefits-after-divorce","tag-va-home-loan-benefits-amount","tag-va-home-loan-benefits-eligibility","tag-va-home-loan-benefits-explained","tag-va-home-loan-benefits-facts","tag-va-home-loan-benefits-for-100-disabled","tag-va-home-loan-benefits-for-disabled-vets","tag-va-home-loan-benefits-handbook-pdf","tag-va-home-loan-benefits-letter","tag-va-home-loan-benefits-phone-number","tag-va-home-loan-benefits-questions","tag-va-home-loan-benefits-reddit","tag-va-home-loan-benefits-requirements"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/01\/Home-Loan.jpg?fit=1024%2C864&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2025,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-loan-right-home\/","url_meta":{"origin":27968,"position":0},"title":"Which Home Loan is Right for Your Home?","author":"Amazing Property","date":"March 17, 2017","format":false,"excerpt":"\u00a0 Here are the most popular mortgage loan options in the United States. See basic qualification information and down payments for these home loan options to see which is best suited for you and your next home. \u00a0 Conventional This is the most common mortgage option and usually has the\u2026","rel":"","context":"In "Property buyer"","block_context":{"text":"Property buyer","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/property-buyer\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5476,"url":"https:\/\/amazingproperty.com.ng\/blog\/critiquing-the-15-year-home-loan\/","url_meta":{"origin":27968,"position":1},"title":"Critiquing The 15-Year Home Loan","author":"Amazing Property","date":"July 25, 2017","format":false,"excerpt":"Question. I bought my first home in the early 2000s when interest rates were much higher then now, and got a fixed, 30 year loan for 6.25 percent. This is a small condominium unit. I am 50 years old and will need to work at least 15 years to be\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/9d7dbd72313eb4682fe9ef36e540f34f_M.jpg?fit=300%2C231&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":31737,"url":"https:\/\/amazingproperty.com.ng\/blog\/do-you-qualify-for-a-usda-loan\/","url_meta":{"origin":27968,"position":2},"title":"Do You Qualify for a USDA Loan?","author":"Amazing Property","date":"February 23, 2022","format":false,"excerpt":"The usda loan program is intended to help improve the quality of life and economy in rural America. Interest rates are relatively low. The U.S. Department of Agriculture has its own mortgage program, but it\u2019s likely one of the least-known about. The mortgage assistance program is a zero-down payment option\u2026","rel":"","context":"In "RealEstate"","block_context":{"text":"RealEstate","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/realestate\/"},"img":{"alt_text":"USDA loan","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/02\/USDA-loan.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7833,"url":"https:\/\/amazingproperty.com.ng\/blog\/conventional-shmonventional-is-a-creative-loan-option-best-for-first-time-buyers\/","url_meta":{"origin":27968,"position":3},"title":"Conventional Shmonventional: Is A Creative Loan Option Best For First-Time Buyers?","author":"Amazing Property","date":"January 17, 2018","format":false,"excerpt":"If you're in the market to buy a home and, especially, if it's your first home, you've probably heard A TON about conventional and FHA loans. But just like you're not like anyone else, your financial situation may not be either. The truth is that while you may think you\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"66366858d35c47b62af7299e4ef2141e S.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/66366858d35c47b62af7299e4ef2141e_S.jpg?fit=424%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6817,"url":"https:\/\/amazingproperty.com.ng\/blog\/how-to-refinance-your-home-loan\/","url_meta":{"origin":27968,"position":4},"title":"How to refinance your home loan","author":"Amazing Property","date":"October 29, 2017","format":false,"excerpt":"Most people with a mortgage understand that refinancing can save thousands, but knowing how to do it is another thing. John Tindall, of Accumulus Home Loans in Sydney, says the benefit of refinancing is simple\u00a0\u2013 \u201cmore money in your pocket\u201d. Now more than ever, big and small lenders are offering\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage Broker Financial Advice 2000x1500.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage-broker-financial-advice_2000x1500.jpg?fit=1200%2C900&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage-broker-financial-advice_2000x1500.jpg?fit=1200%2C900&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage-broker-financial-advice_2000x1500.jpg?fit=1200%2C900&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage-broker-financial-advice_2000x1500.jpg?fit=1200%2C900&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/mortgage-broker-financial-advice_2000x1500.jpg?fit=1200%2C900&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":5865,"url":"https:\/\/amazingproperty.com.ng\/blog\/getting-the-best-deal-on-your-loan\/","url_meta":{"origin":27968,"position":5},"title":"Getting the best deal on your loan","author":"Amazing Property","date":"August 23, 2017","format":false,"excerpt":"Getting the best deal on a home loan ultimately comes down to one thing: knowledge. John Tindall, a Choice Home Loans mortgage broker in Wattle Grove, Sydney, says with discounting the \u201cnew norm\u201d and a growing number of non-traditional lenders offering low interest rates, there\u2019s no reason to pay the\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"mortgage-broker_2000x1500-1024×768.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage-broker_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage-broker_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage-broker_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/mortgage-broker_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/27968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=27968"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/27968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/28016"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=27968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=27968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=27968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}