Fred Griffin: Clearing Up Misconceptions About VA Loans: Let's Get Veterans in Homes!

Clearing Up Misconceptions About VA Loans: Let's Get Veterans in Homes!

     VA Mortgage Loans provide a well-deserved opportunity and beneficial options through which Veterans can become Home Owners by offering many fairly well-known advantages

     But many Veterans do not know or understand that there are additional benefits available through a VA Loan.  Mortgage Lender Gene Mundt outlines those VA Loan Benefits below:  

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Clearing-Up Misconceptions About VA Loans:

Let's Get Veterans and Their Families in Homes


     Free Mortgage Consultation with Gene Mundt, Mortgage Lender

     VA Loans, and the benefits that they provide U.S. veterans and their families, are often an under-used and misunderstood type of financing.  

     While VA loans are made possible through the U.S. Dept. of Veterans Affairs, the loan approval process itself is rarely handled by that government entity.  Lenders, such as myself, handle the processing of the loans.

     VA loans provide a well-deserved opportunity and beneficial options through which Veterans can become home owners by offering the following (and fairly well-known) key advantages:

  •  No Down Payment is needed from Qualified Veterans
  •  No Down Payment is needed, if the Sales Price doesn't exceed the Appraised Value
  •  There's a "financeable" Funding Fee.  (Truly making VA loans a no Down Payment loan!)
  •  There are minimal requirements demanded of Sellers in terms of home repairs.  (Those property requirements are:  Safe, sanitary, and sound.) 
  •  Closing Costs (up to 4% of the Sales Price) may be paid by the Seller
  •  Private Mortgage Insurance is not required
  •  The VA may provide assistance, should you be unable to make payments on your loan

       But I've found that many Veterans do not know or understand that the following additional benefits also exist to them through a VA loan: 

  •  Veterans can use their benefit more than once  
  •  VA Loans can be Assumed 
  •  VA Loans can be used to build a home 
  •  VA Loans allow you to simultaneously purchase and improve a home 
  •  VA Loans can be used by Veterans that are not First-Time Home Buyers
  •  That spouses of Veterans can also be eligible for VA loans, if they meet certain requirements  
  •  and more ...  

       That's not to say that VA Loans can't have some specific "guidelines" to be met.  They can.  Those are:

  •  Only the Veteran and their Spouse can be on the loan.  (Non-married parties are not eligible unless they are a veteran themselves.)
  •  Maximum loan amount calculations are based upon Veteran's Eligibility and Entitlement
  •  Income/Job Histories AFTER service ... or while ON Active Duty require screening by an experienced LO.
  •  Appraisals are done by Approved List of VA Appraisers list, assigned to a local Appraiser by the Veterans Administration. Legal Descriptions are required BEFORE an appraisal can even be ordered (unique to a VA Loan).
  •  The Appraisal is released to the Mortgage Lender after Receipt and Review by the VA.  It remains "Of Record" for a fixed period of time, currently 120 days.
  •  Buyers/Veterans must have a Certificate of Eligibility, obtained through the VA

    
Contact Info for Gene Mundt, Mortgage Lender     The last drawback mentioned above is fairly easily accomplished by Veterans.  To obtain a Certificate of Eligibility (or COE), a Veteran must have been discharged under conditions other than dishonorable.  They must also meet the service requirements found HERE.

     Different categories of eligibility exist, so the nature of your current or past service as a Veteran, they require varying needs to supply proof/evidence during COE application.  Info regarding the evidence required of Veterans can be found HEREVeterans can make actual application for a COE through me (their Mortgage Lender), by mail, or online.  

     Should a Veteran be in need of further assistance or have questions regarding their eligibility or COE application, they can call the eBenefits Help Desk at:  1.800.983.0937, Monday through Friday.  Hours are:  8 am to 8pm EST.

     Clearing up commonly held inaccuracies and notions regarding the use of VA Loan benefits is important.  Assisting our Veterans and their families in becoming homeowners is one way we can pay them back for all they've provided us.  Education is a vital tool in providing that assistance.

Contact Info for Gene Mundt, Mortgage Lender

   
 *   Are you, someone you know, or someone you are representing a U.S. Military Veteran?  Contact me.  Together we can explore what opportunities and options exist for home financing.  
     I can be easily found at:

Direct:  815.524.2280
Cell/Text:  708.921.6331
Email Address for Gene Mundt, Mortgage Lender
Click HERE for a FREE Mortgage Consultation!
eFax:  815.524.2281
Ready to Apply for Mortgage?
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Gene Mundt

Regional Manager - Mortgage Lender

American Portfolio Mortgage Corp.

                                                                    Personal NMLS #216987

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NMLS # 175656

For a FREE Mortgage Consultation, click HERE!

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Frederick Griffin, Licensed Florida Real Estate Broker    850-545-1901

 

Tallahassee Florida Metropolitan Area

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Call Fred  850-545-1901

 

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Frederick Griffin, Licensed Florida Real Estate Broker    850-545-1901

 

Disclaimer:  Nothing in the above blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comment balloon 4 commentsFred Griffin • July 23 2013 08:26PM

Comments

Hi Fred... thanks for reblogging Gene's post! Great read on VA loans and benefits to veterans re: home ownership... I'll pass this on... Thanks!

Posted by Rene Fabre, New Media Marketing (First American Title) over 4 years ago

Gene does a great job share a lot of great information about VA loans. Good choice for a re-blog.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) over 4 years ago

Fred there is often confusion with a VA loan, Gene really did a great job explaining the program.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 4 years ago

Fred:  Thanks so much for the re-post and support for educating Veterans to the wide scope of benefits attached to VA loans.  I hope it proves beneficial to many in the future .. and YOUR readers and business!

Thanks again,

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) over 4 years ago

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