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Benefits Of Using A VA Home Loan

8/23/2018

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Welcome Home! Thank you for your service!

Did you know that many qualified veterans, active military members or surviving spouses, like yourself are not using their VA benefits to purchase a home or they don't even know the benefit exists? That's right! Your VA home loan benefits are being wasted. Help me spread the word to ensure that veterans, active military members or the families make an informed decision when buying a home.  

Some of the benefits of the VA home loan program include:


  • $0 down payment in most situations. Homebuyers typically do not need a down payment if they stay below the VA "limit" for their area. The $0 down payment option has helped many military buyers purchase a home with tight budgets. If you have funds available, you can still make a down payment. Making a down payment will reduce your VA Funding Fee.

  • VA Funding Fee gets "rolled into" your loan amount.

  • 30-year fixed terms. There are also no prepayment penalties. The interest rates are typically lower on VA loans. Other qualification requirements are usually less stringent.
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  • Lower credit scores may be allowed, depending on the lender

  • No private mortgage insurance (PMI).  PMI is a monthly mortgage premium that is paid if you do not put down 20% or more as a down payment.

  • Foreclosure assistance. VA will work with you if you face financial troubles. They advocate for you to avoid foreclosure.

  • Sellers can pay up to 4% in concessions and all of your closing costs. Be careful though, depending on the market, asking for this may hinder getting a contract accepted.

  • Ability to use the benefit multiple times using your restored loan entitlement or remaining benefits. Using your benefit may increase your VA Funding Fee. There are some exemptions where there may not be a VA Funding Fee.

  • Ability to refinance with two options - Interest Rate Reduction Loan (IRRL ) or switch from other loan types into a VA loan.

  • Other Veterans are able to assume your loan and payments. If another Veteran purchases your home and assumes your loan, your entitlement will not be restored until they sell or VA otherwise approves restoring your entitlement.

  • Ability to purchase multi-unit housing, like an apartment building - as long as one of the residences is your primary residence.

  • VA protects you from making a poor financial decision on a home that is not safe or sound. VA has Minimum Property Requirements. You will not be able to purchase a fixer-upper or a home that is in poor condition. 


Want to learn more about using your VA home loan benefits? 

​Continue reading
4 Easy Checks To Verify VA Loan Eligibility
5 Steps to Purchase A Home Using VA Benefits
​3 Simple Steps To Get Pre-Qualified

Ready to move forward and purchase a home?

​Contact Me to discuss your situation and be put in touch with expert VA Lender Specialists. If you are outside of
​Where I Serve in Arizona and need a Real Estate Agent or Lender, I can also assist you find someone in your area! 






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    Wendy Ramirez is an Army Veteran, REALTOR®, Military Relocation Professional (MRP), Certified Military Residential Specialist (CMRS) and Seniors Real Estate Specialist (SRES) at Better Homes and Gardens Real Estate Move Time Realty. 480.686.3977

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Wendy Ramirez is a Veteran, REALTOR®, MRP, SRES with Better Homes and Gardens Real Estate Move Time Realty   
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 1860 S. Alma School Rd. Suite 1 Chandler, AZ 85286​​ • 480.686.3977 • wramirez@movetimerealty.com

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