For instance, veterans can buy a house with a purchase price of up to $417,000 (more in some high cost housing areas) with absolutely ZERO down payment. No other federally backed lending program does that. PLUS, there is NO monthly mortgage insurance payments required, called MI or PMI, as is the case with other “low” down payment loan programs (like FHA) – which can easily add another $100 (or substantially more) to your monthly payment PLUS increase your closing costs with a large required up-front payment!
The good news about your VA benefits doesn’t stop there: if you are looking for a fixer-upper, a foreclosure or maybe you just want to add some personal touches to make the new house truly “yours,” the VA has a program that can provide up to $35,000 in renovation money BEFORE YOU MOVE IN (this is a strictly controlled program) with the actual amount needed added to the mortgage balance (so be sure what you want to do adds to the value of your new house). They will also give you a reasonable amount of time (up to 6 months) to get the project(s) done (FYI: licensed contractors must bid/do work, you can’t DIY), but they sweeten the deal by holding off on requiring you make any mortgage payments until the work is completed (the delayed payments are added to your mortgage balance, of course… and some other restrictions apply). All this with ABSOLUTELY NO down payment! Of course you need to meet income requirements and have reasonable credit, but what home loan program doesn’t require that?
Have you already used your VA home loan benefit? No problem. If you were (or currently are) faithful in meeting your VA loan obligations and have reasonable credit, the VA allows you to RE-USE your VA benefits with only a slightly increased VA Funding Fee… and the fee can be rolled into the new mortgage note! However, if you have some money set aside for a relatively small down payment (5%), your Funding Fee can be lowered to less than what a first-time VA benefit user would pay!
There is even MORE good news… like: reduced closing costs; preferential interest rates; and much more! So, if you are an honorably discharged veteran – or still on active duty – and live or plan to live in the greater Orlando area, give this fellow-veteran a call. I know or can get the answer to ANY question you may have regarding your VA home guaranty benefit. I’ll help you get to where you want to be.Test me!
When you’re ready, contact me. I’ll listen before I act or start giving advice. So let’s work together on finding you the home of your dreams! Just fill out the Information Form and I’ll contact you, or pick up the phone and call Dave at 407-461-4315. You’ll be glad you did.