Memorial Day is great, but what’s even better is Veterans receiving a no money down benefit when financing or purchasing their new home. Closing costs – which could cost several thousand dollars – may also be rolled in the mortgage. This will basically make it so you can purchase a new home with literally no money down needed.
So why do you hear so little about this great benefit offered to Veterans? Well, they simply do not know it even exists or unsure how it works, possibly even thinking it will be difficult to do.
In fact, it is quite simple, and you can close within 30-45 days sometimes faster. I am unsure why many vets are not using this option. Therefore, today Monday May 27th, 2019, as we celebrate Memorial Day, I am publishing this article directly to help those become aware of this great benefit only offered to our veterans.
What is a VA Loan?
Specifically it is a private loan backed by the Department of Veterans Affairs. These loans are mostly quite fast and easy to get approved for as long as the income proof is there. These loans are directed towards properties that will be used for your primary residence. So even though you can’t use this option for vacation or investment purposes, it is great to use this, then from the money saved direct the savings towards an investment property to rent out and receive tax breaks on, or just use it for vacation.
Another great tip, is even though there is a max loan limit, it does not matter how expensive the property is. For example, if the lender approves you for 300k, and the home is 1 million, you will have to come up with the difference out of pocket, but still your payments will be very low with a great price.
Applying for a VA Loan
As I stated before, it is a simple process to get started. Visit the eBenefits website to receive your COE (certificate of eligibility). You will take this to any lender that accepts VA loans (which a lot do) and then they will take over the rest for you. Fill free to go to the VA loan website to read up on a couple articles that go more in depth about the process. The main important information though is receiving your COE, then it’s smooth sailing.
If you have any questions about the process or the requirements, please let me know and I will get back to you shortly.
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