If you have been watching prime time TV, I try not to, you will see how popular the VA loans are. There are thousands of financial institutions that want to help you get money by having you use your VA benefit.
They speak about it as if it's not only a great deal, but it will make you healthier, thinner and more attractive to boot :)
VA loans and lending - the Veterans Administration loan and VA benefit are truly exceptional.
Buying a home with nothing down where a VA lender can increase your mortgage interest rate ever so slightly to pay a home buyers closing costs which can be 10-13k, depending on the price paid for the home.
Selecting a VA home loan mortgage company can be dangerous. Not all of the VA home loan lenders or financiers are created equally. There are some that will attempt to make more money from your borrowing money to buy a home or refinancing.
5 Benefits of the Veterans Home Loan Program
Veterans can buy real estate with zero down
Veterans can borrow up to 100% of their equity
Veterans approval guidelines are not as restrictive as other loan programs
Veterans are protected because of limit restrictions pertaining to closing costs
Veterans have lower than average interest rates when compare with other loan types
Point being, let your trusted real estate advisor know what is happening with your VA lender. If you are going to switch VA lenders during escrow, make sure you speak with your trusted real estate agent before making that move.
The Veterans Administration states there are only a certain amount of charges a Veteran can incur. when wanting to borrow money to buy real estate or refinance.
This being the case, there is still a way for a VA home loan to take advantage of a Military Veteran real estate buyer.
We have been representing Military Veterans in the Santa Clarita real estate venue since 1998. During that time we have literally helped thousands of Military reservists, retired, active duty and past veterans.
Certain properties need to have been certified VA approved before they can be bought using a VA or Veterans Administration loan. This rule typically applies to Condo and townhome properties.
This is applicable in all 50 states.
If you already own a home and have a VA benefit, you would be able to "draw out" money from your current mortgage. The reason this is different (better) is the fact you can borrow up to 100% of your home's value.
If you don't have a VA benefit and were never a veteran in the U.S. Military, then you can maximum borrow 80% of your home's value.
However, don't use it unless you need it. Your home should not be a quick use bank account like an ATM machine. Your home's equity should be looked at as a future guarantee of real estate value. If you need it or want to liquidate to retire - those are wonderful options.
To cash out and buy an M6 BMW, probably not a good idea no matter what the VA home loan infomercials say!
I have linked, above, to our trusted VA lender and advisor - Mike Meena he can be reached at 661.260.2970 and will take great care of you!
I'm Connor with HONOR and I'm looking forward to being of great assistance with your VA home loan and real estate home buying/selling needs.