Real Estate Today
Veterans Day is this Friday, November 11th. This is a good time to salute our veterans and military personnel for their great service to this country of ours. I remember spending three years in the army decades ago. I understand a bit about the sacrifice that these young men and women make for us.
They have fought to protect our land, our freedom, our way of life. We have much to be grateful for. It is but a small token of gratitude tha our government has extended to veterans to offer the GI bill—which includes being able to purchase a home by obtaining a VA loan.
This loan is available to all veterans, active military, and National Guard personnel. To determine eligibility the applicant must apply for a certificate of eligibility by submitting VA form 26-1880 along with their VA form DD214. This can either be done with the VA directly or through any VA-approved lender.
Some of the advantages to a VA loan are: 1) no down payment is required and 2) the seller may pay the closing costs. This minimizes the out of pocket expense in getting into a home. The interest rate is very favorable and there is no private mortgage insurance requirement. This will save the veteran thousands of dollars over the life of the loan. There is however a funding fee requirement which can be wrapped into the loan.
Surviving spouses may also be eligible for the loan, providing they haven’t remarried and are under age 57. Veterans may obtain a VA loan several times as long as the previous one has been assumed by another veteran or has been paid off.
If you are on active duty in the military, a veteran, or a member of the National Guard—or if there is someone in your family who might qualify—there is no better time to buy a home than right now. There are plenty of homes to choose from and the interest rates have never been lower. Contact a lender and Realtor who understand the complexities of the program and get into that home you’ve always wanted. Until next week keep smiling. Email: email@example.com