8 Benefits to Help Veterans Buy, Keep, and Sell Homes
No one deserves the American Dream more than our veterans who fight to protect it. In a recent survey, veterans explain why they have not used the VA home loan benefit. Among the main reasons was lack of information on how to use their VA benefits. In 2016, VA home loan guarantees rose 12% from the previous year. Let’s continue to spread awareness and help more vets into homes!
As a VA approved lender, we honor your service with 0% DOWN & much more!
1. 0% down
Let’s start with one of the best benefits offered to those who have served our country: 0% down payment! You earned it. You can obtain 100% financing for your new home, and then use your extra funds for furniture and your savings account!
2. Relaxed credit requirements
From a credit perspective, it is easier for you to get approved than conventional or FHA because the VA does not require a specific FICO score. If you have low or no credit, call us on your potential options!
3. No Mortgage insurance
Mortgage insurance rates vary and normally are factored into your monthly payment when you put less than 20%. With the VA home loan, you pay $0 no matter how much you put down! This adds extra savings for the VA home buyer to pay bills or put into savings.
4. Lower rates
Another way the VA home loan keeps your money in your pocket! Lower rates is just another way to thank you for your service.
5. Fewer closing costs
The VA loan is government-backed, adding more protection to our veterans. One of those protections is to limit extra fees added throughout the transaction, such as closing costs.
6. Up to 4% credit from seller
Let’s do the math: With a $200,000.00 loan, you are able to get up to an $8,000.00 credit from the seller. With the ability to obtain a closing cost credit from the seller, think about all of the expenses it can pay for:
Only loan option that allows credit to be used towards debt reduction
Pre-pay your homeowner’s insurance & property taxes
A warranty & inspection on your new home
7. It’s a loan option that’s assumable
What does assumable mean? If you need to move for any reason, such as active duty and relocated, your buyer can take over your loan and start making payments right away. This benefit makes the selling of the home just as easy as buying the home. Easy to get in, easy to get out!
8. VA protection from housing defaults
When a VA-guaranteed home loan becomes delinquent, VA provides supplemental servicing assistance to help cure the default. Click here to find more information about the Servicemembers Civil Relief Act.
Working with New South Mortgage
- We put YOU first.
- New South Mortgage offers some of the most competitive rates in the Nation!
- Fast and efficient, we close most of our loans in 30 days or less.
- We offer a variety of loans. New South Mortgage can help you find the loan that is right for you!!!
**New South Mortgage is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.