President Teddy Roosevelt once said that “A man who is good enough to shed his blood for his country is good enough to be given a square deal afterwards,” and that can be said about the VA (Veteran’s Administration) loan program. Guaranteed by the federal government, these loans are made by private lenders such as banks, mortgage brokers and your local credit union.

There are many benefits to Veterans using this program including, pre-purchase counseling, 100% financing of the purchase and no Private Mortgage Insurance (also known as MIP or PMI). In order to qualify for this loan program, basic credit requirements apply, but most importantly, VA Form 26-1880 must be completed to request a “Certificate of Eligibility” to participate in the program. It is highly recommended to make the request for the certificate prior to speaking with a loan officer about pre-approval for a mortgage loan.

In addition, at closing, there will be a funding fee due to enable you to utilize this program and to contribute towards the costs of making this benefit available, keeping the overall costs low for everyone. It varies, depending on whether or not you have utilized this program in the past and if you are making a down payment on the property.  This fee can be rolled into the overall mortgage and financed over the life of the loan if you decide to do so.

The only requirement for the use of the property is that it will be your primary residence (sorry, vacation villas at the beach aren’t eligible).

As the availability of conventional “No Money Down” mortgages are becoming more difficult to find and rates are high for those that continue to exist, it is great to know the VA Loan program is available to those who have served our country.

I’d like to say “Thank You” to all those who have served (or are currently serving) in the military as you make me proud to be an American.  Let us always be grateful for the freedoms we have in our country - Let Freedom Ring!
 

Your “No Bull” Realtor,
Kathy Smith

Russell & Jeffcoat Realtors, Inc.
(888) 808-4Moo ext. 0
(803) 781-5729
http://www.kathy.smith.net/