Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

What You Need to Know about a VA Loan

% of readers think this story is Fact. Add your two cents.


NewsUSA

(NewsUSA) – Current members of our nation’s military, as well as veterans, can take advantage of their VA benefits when buying a home, but it is important for potential homebuyers to understand the terms of these loans.

Freedom Mortgage, the premier VA lender in the United States, offers tips and advice for service members and veterans to ensure a successful homebuying experience.

1. Have some cash on hand. Although a VA loan requires no down payment, sellers may not cover closing costs in today’s competitive real estate market, so it is best to budget for some funds when you schedule your closing.

Closing costs can range from 3% to 5% of the home price. This includes the VA funding fee, which can be as high as 3.6% of the loan amount, although the VA funding fee is waived for Purple Heart recipients and disabled veterans.

2. Have proof of income. Proof of income is required for a VA loan, so active service members will need to have a job lined up after discharge.

Also, obtain a loan pre-approval letter (rather than a pre-qualification letter), which will show that your credit and income have been professionally reviewed and that you are a qualified buyer.

3. Have options. Shop around and compare a VA loan to other loan options to see which is a better deal for you. Most importantly, don’t overextend yourself and buy a more expensive home than you can currently afford.

If the rate is relatively low and you are comfortable making the monthly payments, you have a good deal.

4. Have good credit. Visit annualcreditreport.com, a legitimate website used by the three major consumer credit reporting agencies and get a free credit report.

The median credit score is a little above 700 and if your score is lower, you may pay a higher interest rate or higher costs. Some additional tips include:

  • Veterans who are current homeowners should take the opportunity now to refinance to a lower rate; check out VA IRRRL click here.
  • Disabled veterans have additional benefits from a VA loan, as they are exempt from the VA funding fee.
  • Current homeowners considering cash-out loans can consider a conventional loan. VA loans have a funding fee of up to 3.6%, but that may be a better deal than the high interest rates of other loans.
  • Last, don’t forget to request a Loan Estimate, or “LE,” from lenders when shopping around for the best mortgage. The LE will outline all relevant program details and costs that you can expect at closing.

Note: these are general information, each loan is unique and customized to the borrower. Call 833-687-1212 to speak with an experienced Freedom Mortgage loan officer who can answer questions and provide more information based on your needs.

NewsUSA


Source: http://feeds.newsusa.com/articles/article/what-you-need-to-know-about-a-va-loan.aspx


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.