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A No Money Down and No PMI Home Mortgage? Veterans can salute a VA Home Loan!

Tuesday, January 16, 2018   /   by Vanessa Saunders

A No Money Down and No PMI Home Mortgage? Veterans can salute a VA Home Loan!

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Any veteran looking to buy a home can be eligible for one of the sweetest deals in home financing - a VA mortgage. While today's home buyers can face deal-killing restrictions, our military vets and active-duty members can sail into home-ownership, tapping a number of benefits unheard-of with other financing options.
No down payment.
Very few home buyers can hope to purchase a home without a down-payment. Most conventional lenders will require at least 5 percent (and up to 20 percent) down to qualify for financing. FHA loans provide a lower down payment option, at 3.5 percent, but even that figure can be out of reach for some buyers. That's what makes a VA loan so advantageous. 
Even during the last few years of strict lending practices, VA loans have offered 100% financing to qualifiying buyers. This makes it a powerful tool for buyers on a limited budget or just starting out as home owners. 
No PMI (Private Mortgage Insurance) payments.
Nearly all civilian lenders require borrowers to authorize and pay for Private Mortgage Insurance, to cover the debt in case the borrower defaults or the repayment process is somehow interrupted. This can add up to some serious cash. Fees for PMI generally run from 0.5 to 1 percent of the total loan amount annually. For a typical home loan of, say, $295,000, a home buyer could be expected to pay up to almost $3,000 in first year PMI costs. For VA borrowers, a portion of the loan is covered by the federal government. VA borrowers pay a big, fat zero!
Easier credit standards.
Following the financial crisis in 2008, most conventional lenders raised the bar for credit score minimums. Even now, as minimums have slowly relaxed, borrowers need a minimum FICO score in the mid-700s. Veterans and active service members don't need perfect credit to score a home loan through the VA. Most VA lenders see a FICO score of 620 as a minimum. See if you qualify at the Veterans United Home Loans Mortgage Research Center's website. https://www.veteransunited.com/
Competitive interest rates.
VA loan rates fluctuate based on the market conditions and the borrower's qualifications. But VA loan rates are competitive with conventional loans, and often fall below them. To find out current interest rates, we suggest you contact Global Property Systems' Military Assistance Department at 914-425-5384 @Global Property Systems.
If you or your spouse served in the military or are currently a service member and want to buy a home using VA lending, contact our VA loan specialist, Barry Goldenberg. Barry is Senior Mortgage Loan Originator for Luxury Mortgage. Call direct at 516-393-4470 or email him at BGoldenberg@luxurymortgage.com.
For more information or questions about this article, contact Vanessa Saunders, CEO and Principle Broker, Global Property Systems Real Estate. vanessa@gpshousehunt.com
 
To start the hunt for your new home, click here: SearchHomesInNy.com

  hudson valley real estate, hudson valley property, buying a home, mortgage process

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.