VA Loan 

VA Loan Facts

The VA loan is the most popular option for Military members who are interested in purchasing a home.

The zero down payment often gets confused with closing costs.  A down payment is NOT necessary with a VA loan however you still have costs! Closing costs are your responsibility, you can ask the seller to cover some or all of your closing costs, usually accompanied with an offer that is higher than listing price for a resale home to make it worth it to the seller but they are NOT obligated to pay those fees for you.

Local lenders are usually a better value & experience than going with the big name companies. On average using my local lender will save a buyer over $1,000, save time, be a more enjoyable and smooth process & sellers often prefer local lenders VS the bigger companies that have 100's of files at any given time. 

VA appraisal is NOT a home inspection. Often times the buyer believes they won't need a home inspection & that the appraiser will check the major items in a home, this is not the case. You are highly encouraged to enlist the services of a home inspection company within your allotted contract timeline. (usually within 10-15 days from contract execution)

Interest rates with the VA loan are often some of the lowest rates you can get for a mortgage. Low rates coupled with the loan not requiring PMI (private mortgage insurance) will give you a more reasonable mortgage payment compared to loans such as FHA or conventional. 

Funding Fee The VA loan has a funding fee attached to using it for most buyers. It is added to your loan amount and not paid at closing, see the chart below for funding fee percentages. 

*If you have a disability rating you will be exempt from this fee. 

If you are interested in learning more about the VA loan please reach out to me & I will get you in touch with my local VA lender!