With Veterans Day just around the corner, we here at Dalton Wade want to express our sincere gratitude to those who are currently serving and who have served time in the United States Armed Forces.  We even have REALTORS® with us who have served and we are truly grateful for them! We also want to have the chance to serve veterans in return – by providing you with useful information regarding your special financing options to help you buy the right home for you and your family.
What is a VA Loan?
If you are a current active duty military member or veteran (and even some select spouses), you are eligible for a VA loan. This program was started in the 1940s by the US government to help returning service members buy adequate housing without needing big down payments or incredibly high credit scores. Most private lenders and mortgage brokers do VA loans (it does not have to be issued by USAA or Navy Federal by any means which is a common misconception), and all VA loans are all guaranteed by the Department of Veterans Affairs. These loans are an amazing opportunity for our service members for many reasons with numerous benefits. Read more about them here and see below.
What Are the Benefits?
The most commonly known benefit is that you can get a VA loan for 0% down, especially if it is your first VA loan (subsequent VA loans on additional properties may require % down).   A less commonly known benefit is that VA loans also have the benefit of having no Private Mortgage Insurance (PMI). PMI is mortgage insurance escrowed monthly into conventional loans with less than 20% down and it is even part of all FHA loans, which can result in a significant increase in your monthly payment. VA loans have none of that! VA loans also have competitive interest rates that are usually better than that of FHA and conventional loans, and they have less restrictive requirements as far as credit and debt to income ratios – making it easier for our service members to obtain housing for their families. There is a VA funding fee (typically 2.5% of home price for your first VA loan use) that can be rolled into your loan, that keeps the program running for future families. If you have service connected disabilities this is typically waived – meaning 0%. Read more about the amazing benefits here.
Ready to Buy With Your VA Loan?
Our seasoned agents are here for our active duty members and veterans to help them make the home buying process as smooth as possible.  As of 2019, the VA loan limit is $484,359 – meaning you can get a home up to that price for 0% down! In some high cost areas, it is possible to go even higher in price for 0% down. Otherwise you can buy a higher priced property you would just be putting money down to do so. Our agents can recommend a trusted experienced VA lender to assist you – we even have our own in house lender The Dalton Wade Mortgage Team that closes VA loans regularly.  Our agents can design you a personalized property search to suit your needs, then show you all the homes that interest you. When you are ready to make your offer, they will navigate you through the terms and VA addendum so you know all the ins and outs of the offer terms and loan benefits. Visit our agent page today to choose an agent today! Or call our office at 888-668-8283 to discuss your needs with us and we will get you to the right agent right away.