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November
6
6
Unlocking the Door to Homeownership: Your Guide to VA Loans
November 11th is Veterans' Day—a day to honor those who have bravely served our country. In an effort to help veterans buy a home, the U.S. Department of Veterans Affairs has a program to help, and our REALTORS® can guide you through the process. Here's what you need to know about VA loans.
- What Are VA Loans? VA loans are private home loans backed by the VA from a VA-vetted and approved mortgage lender. While conventional mortgages require a down payment of up to 20% of the home's cost, you don't need a down payment with a VA loan. While the VA has no set credit score requirement, oftentimes, the lender does: Some specify at least 620, but others can go as low as 500.
- Qualifications. To qualify for a VA loan you must have served at least 181 consecutive days of active service during peacetime, 90 days during wartime, or six years in the National Guard or reserves. You can also qualify if your spouse died in the line of duty and you have not remarried.
- Home requirements. While looking at Mansfield homes for sale, there are a few things to consider. The home must be your primary residence to qualify for a VA loan. You can rent the property if you want, but it cannot have more than four total units, and you must live in one of them. You also can't buy a fixer-upper. The home must be move-in ready when you purchase it.
- Interest. The interest rate for VA loans is generally lower than a conventional mortgage, but it varies depending on the lender. They can specific debt-to-income ratio, which can impact your interest rate.
- Maximum Limit. You can borrow as much as you want, but if you want the zero down payment option, there's a maximum limit, which varies based on area. In Mansfield, you can borrow up to $726,200 on a VA loan. Any more than that becomes a jumbo mortgage, which requires a down payment—though typically a lower one than you'd need with a traditional mortgage. Additionally, the VA does not guarantee whatever you borrow over the maximum limit.
- Funding Fee. While VA loans don't carry many of the typical costs that conventional mortgages do, there are some closing costs, including a funding fee, which is 2.3% of the total loan amount for first-time borrowers or 3.6% for any subsequent VA loans. You can either pay the funding fee upfront or add it to the loan amount. Certain disabled veterans, including Purple Heart recipients, are exempt from funding fees.
- Military on the Move. Buying a new home can be difficult, and the added requirements for obtaining a VA loan can complicate the matter further. You need a Certificate of Eligibility, verification of your military discharge, and a variety of other paperwork, depending on the type and status of your service. Fortunately, the Military on the Move program partners with top real estate agents across the country who understand the process and know the local market. These agents can help you every step of the way so you can get the loan you need for the home you want.
We're proud to partner with the Department of Veteran Affairs to help those who have served our country obtain a mortgage and navigate the home-buying process. Contact us, and we'll help you find the home of your dreams in a neighborhood that you'll love.