Facts about VA home loans

May 19, 2021by Johnny Perez

Heroes San Diego is the nation’s number 1 resource and savings program! We provide you the services and assistance that you need, in order to purchase a home. All different types of Heroes qualify! From Firefighters to Veterans and everyone in-between, we will help you reach your goals! It’s as simple as signing up for our FREE webinars and seminars to get started. In our Military and Veterans VA Homebuyer Webinar, you will learn how to qualify for VA loans, how to become a homeowner, and how to utilize your VA benefits. Owner and Founder of Heroes San Diego, Johnny Perez, was fueled by his passion for giving back to the Heroes. His purpose is to provide one hundred percent accurate and useful information in order to help Heroes utilize their benefits to buy and sell their homes. Today we are going to discuss facts about VA home loans that most Veterans don’t know about.

You do NOT need a down payment or mortgage insurance!

If you didn’t know this, now you do! One of the biggest benefits of a VA loan, is that you don’t need a down payment. Most mortgage programs (FHA and conventional loans) require at least a 3 percent to 5 percent down payment. That can range up to $12,000 if you are purchasing a $250,000 home.

Using a VA loan, you are able to buy immediately. This means you do not need to wait years to save for a down payment. VA loans also help you avoid expensive mortgage insurance fees. With 5 percent down, private mortgage insurance costs around $150 per month on a $250,000 home. Now, with a VA loan, this buyer could be able to afford a home worth $30,000 more, with the same monthly payment because they would be subtracting the private mortgage insurance costs. VA loans save you money upfront, and really increase your buying power!

Enjoy the rest of these facts about VA home loans to learn more.

Your benefits never expire

As soon as you earn eligibility for a VA home loan, it will never go away! Has it been over 30+ years since you have served? Are you wondering if you can still buy a home today and utilize your benefits? The answer is, yes. As far as eligibility goes, this is based on the length of time served and the period in which you served.

How to check your eligibility:

Obtain your DD Form 214. With that document, a VA-approved lender can request your VA Certificate of Eligibility for you, or you can request it directly from VA’s eBenefits website. You may be eligible to buy a home using a VA home loan, even if you served a long time ago.

VA Homebuyers

You may use your benefits over and over again

Once you have obtained your VA home loan benefits, you can use it as many times as you want.

For example, if you have purchased a home with a VA loan and now grown out of the home and need something bigger that is ok. When you sell the home and completely pay off the VA loan, you can then use your benefits to buy another home. Eligible Veterans and Servicepersons can receive a one-time restoration when they pay off the VA loan, but keep the home. This scenario comes into play if you purchased the home long ago, and have paid off the loan. It also applies if you have refinanced the VA mortgage with a non-VA loan.

In these cases, you can keep the home, and enjoy the benefits of VA home buying one more time.

 

You may purchase a condo with a VA loan

VA loans allow you to buy many different types of properties. This includes a single-family home, a home of up to four units, and even manufactured homes! Condominiums are commonly overlooked by VA home buyers. Condos are ideal starter homes. The price point is many times lower than that of a single-family home. Condos are often the only affordable option in many cities and states. The VA has a list of approved condominium communities. Heroes can search by city, state, or condo name on the condo search tool. There are over 2,400 approved condo communities in Washington State alone! Then about  1,000 in Texas, and a whopping 9,000 in California. We definitely recommend considering the different types of home options before buying.

Surviving spouses may be eligible

In 2015, over 3,000 surviving spouses purchased a home with their fallen partner’s VA benefits. Un-remarried wives and husbands of Heroes who were killed in action are able to buy a home with zero downpayment and no mortgage insurance. There is absolutely no way to ever repay the spouse of a fallen hero, but this benefit can immensely help them in moving forward after such a tragedy.

Heroes San Diego is now Nationwide! This means that all Heroes have access to our services, no matter where in the U.S. you live! We also offer a great rebate program. This is tax free money that is given to you after the purchase of your home! The money could be used to pay closing costs, buy down your interest rate or pay off debt. No red tape or sign up fee!

We hope you enjoyed learning these facts about VA home loans. Feel free to ask us any questions and sign up to learn more today!

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