Home Loans for Veterans – Take Advantage of Your Benefits

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Home Loans for Veterans - Take Advantage of Your BenefitsMilitary families often face challenges when it comes to the home buying process, such as struggling with poor credit or trying to come up with a down payment.

Fortunately, home loans for veterans help to alleviate this burden by providing financial accommodations that pave the way to buying a new house.

While you may be modest about your veteran status, being willing to accept recognition for your sacrifices allows you to take advantage of these benefits as you search for the perfect new home.

Stop Worrying About a Perfect Credit Score

The Department of Veterans Affairs only backs the loans instead of issuing them, which means that they are not concerned about checking credit scores.

For this reason, VA loan lenders tend to be more relaxed about the credit scores that they require from people using this benefit.

You will also find that they are more forgiving of blemishes on your credit report from the past, such as foreclosures, provided that you can explain how you have improved your financial responsibility.

Home Loans for Veterans: Get Into a Home Faster With No Down Payment

The rising costs of houses today has made it extremely difficult for many military families to come up with tens of thousands of dollars for a down payment. Home loans for veterans are available with zero down payments required for qualified buyers.

While you can still put down payment if you’d like, being able to skip saving up money for years allows you to ditch the rent cycle and get into a new home right now.

Enjoy Cost Savings That Help You Afford a Better House

A huge part of your home buying budget involves planning to pay for the interest on your mortgage, closing costs for your new home and the monthly mortgage insurance.

Home loans for veterans help you get lower interest rates than you would get with a conventional loan, and you will have the opportunity to negotiate your closing costs.

In many cases, you will not have to pay the closing costs and the associated fees at all.

When you take these savings into account, along with the ability to opt out of mortgage insurance, you can have a considerably larger amount of money to put toward paying the mortgage on a better house.

Pay Off Your House Early with No Penalties

For non-military families, paying off a home loan early can still be costly, since prepayment penalties are often in place to protect lenders from losing years of interest at once. If you plan to pay off your house early, having a VA loan protects you from prepayment penalties, so that your dedication to paying down your debt is worth it.

Take Advantage of This Benefit for a Lifetime

Many people think that this is just a onetime benefit. However, you can continue to reapply for this type of loan as needed for the rest of your life.

Whether you are ready to upgrade to a larger home for your growing family or need to downsize, you can take advantage of a VA home loan at any time.

As a veteran or active member of the military, you have worked hard to serve our country and protect the freedom of every U.S. citizen. Now, you have the opportunity to take advantage of benefits that you have earned through your time in service.

Other than proving your eligibility, the application process for a VA loan is much like the other types of loans, so go ahead and get started planning to save money on your new home today.


2018 VA Loan Limits in Arizona

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Big news for 2018 VA Loan Limits in Arizona. They have gone up, yet again! 2018 Arizona VA Loan Limits for Maricopa County have increased from $424,100 (2017) up to $453,100 with no money down. This mean Veterans and Active Duty Military can finance more with no additional money out of pocket. Our VA Home Loan Benefit is the only 100% financing with no money down and no private mortgage insurance home loan available on the marketplace. This increase makes the VA loan one of the most competitive loans available for Veterans today.

Did you know that the VA does not actually have a maximum VA Loan limit? They just have a maximum loan amount with no money down. The VA will allow us as Veterans to finance more than $453,100 by putting down 25% of the difference between the purchase price and the 2018 Arizona VA Loan Limits of $453,100. This is an incredible opportunity for Veterans seeking financing above the $453,100 threshold with no money down.

2018 VA Loan Limits do not just apply to purchasing a home. The good news is that if a Veteran would like to use the VA Loan for the purpose of a refinance, they too are eligible for the increased loan limits as well.


Am I Eligible for a VA Loan? Find Out Now

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Am I Eligible for a VA Loan?

Am I Eligible for a VA LoanBeing eligible for a VA loan is a great possibility if you have served in the armed forces, but being a vet is only the first test.

Veterans appreciate gestures of gratitude for service rendered to their country. These can take the form of verbal acknowledgement or show up as a financial donation to aid wounded warriors.

The government also provides benefits that demonstrate the high value placed on military service. Most well-known are medical services yet there is another form of assistance of equal significance. The United States Department of Veterans Affairs (VA) guarantees home mortgage loans for qualified borrowers.

How Do VA Loans Work?

Vets apply for mortgage loans like everyone else: through a private bank or finance company. Important to remember is the fact that the government is guaranteeing the loan, i.e. agreeing to pay the lender in the event the borrower defaults, not advancing the money itself.

For starters, the bank will require a VA Certificate of Eligibility (COE) before considering an applicant eligible for a VA loan. COEs are issued based on years and character of military service, and are obtained through the lender, a local VA office or the VA website. Subsequently, the lender will collect documentation to verify the information on the loan application.

The difference between the VA loan and a conventional mortgage is that underwriters will apply VA standards in approving or denying the application.

Do I Need Good Credit?

Yes, but it’s all relative. Whereas a conventional mortgage will require a strict minimum credit score of 620, applications with a VA guarantee are likely to receive more latitude since the bank knows it will be paid back one way or the other.

Overseas deployments and frequent relocations can take a toll on a veteran’s finances, so the VA requires banks to look at the whole borrower profile before rejecting an application based on credit scores.

How Much Do I Need to Earn to Be Eligible?

A borrower’s revenues will rise and fall on how much money is sought. When underwriting mortgage loans, lending institutions rely on an index called the debt-to-income ratio. This means that they will tabulate all the monthly obligations—in other words, the bills—and add the proposed monthly mortgage payment.

If this sum is less than 41 percent of the veteran’s total income, the bank is then confident that the borrower makes enough money to manage the loan payments.

Do I Need Money in the Bank?

It is not unusual for a finance company or bank to desire a financial cushion to carry the mortgagor through hard times. However, VA loans require only sufficient funds on hand for the down payment, closing costs and any additional equity not covered by the down payment.

Are There Any Restrictions on the Property?

The veteran might meet all the criteria and is eligible for a VA loan, but the loan can fall through if the house does not show clear ownership title for the seller or current owner. Unlike conventional loans, the bank can loan up to 100 percent of the property value when processing a VA application.

As a VA Loan Specialist, I can help you navigate through the VA loan process. Contact me or click the big red Apply Now button and let’s get started.


Veterans in Hospice Care

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Today I will be taking some time to attend an appreciation lunch put on by Hospice of the Valley (HOV) for volunteers for their Veterans Salutes Program. I was introduced to this program about 2 years ago or so through the Arizona Veterans Chamber of Commerce. Being a part of such an amazing experience is probably one of the most special things I have ever had the chance to participate in throughout my life. Designed to spend time with Veterans in their final hours, the Salutes program allows Veterans to be honored for their service to our great country by fellow Veterans. Naturally this is a great fit simply because the Veteran is able to relate to his fellow Vet having served himself. Throughout my experience with this program I have been truly blessed and touched to spend time with some such amazing men who served in WWII and Vietnam.

The Veteran Volunteers role during the ceremony is to try simply listen, ask questions about the about the Veterans service, and lastly honor them by pinning the with a HOV pin and giving them a their branch of service flag coupled with American flag. Once this has taken place there is one last order of business to conduct…the salute of the Veteran. Standing before the Veteran and the foot of his bed we will say the following… “Fellow Veteran on behalf of Veterans across the nation, and Hospice of the Valley we would like to thank you, and honor you for your service to our great country, thank you and may God bless you sir.”

I have laughed with Veteran patients, cried with families, and hugged their loved ones. By far one of the most rewarding things I have ever had the chance to be a part of in my life.

Hospice of the Valley is looking for more veterans and volunteers for this wonderful program so if this is something you are interested in you may contact me for more details at 602-908-5849.

Thank you, and may God bless you for our service to our great country.

Semper Fidelis,
Jimmy Vercellino