Do You Qualify For a VA Home Loan?

Besides the fact that enlisting in the U.S. military is one of the most noble acts a man can do for his country, comes a plethora of benefits that many veterans might not know about. One of those benefits is the VA home loan. This loan is insured and backed by the U.S. government to stimulate the housing market to offer no money down financing for qualified veterans. This loan was introduced shortly after the great depression during World War 2 in an effort to put a spark in the U.S. economy. There are many benefits of this home loan, and I will be discussing the most important ones.

· No money down – As long as the veteran has at least 181 days in the military and can obtain a certificate of eligibility, without any dishonorable discharge, the veteran is qualified for a no money down mortgage
· 4% seller concessions – In addition to being a no money down program, you are allowed to have the seller pay up to 4% in closing costs, meaning that you really get to move into your home fore FREE if the seller is paying all the closing costs.
· Medically Discharged Veterans – If you are medically discharged from the military and receive at least 10% medical benefits, your VA funding fee is waived, which can cost up to 3% of the loan amount for vets not medically discharged or injured.

· No Mortgage Insurance – Because the VA funding fee you pay goes into a foreclosure pool, there is absolutely no mortgage insurance to pay on this loan.
· Assumable to Qualified Vets – You can have a qualified vet just take over your payments, if you want out of your mortgage loan.
· Higher Loan Amounts – Currently, in certain counties, the VA loan limits are as high as $417,000!

If you are interested in a VA Colorado Home Loan, please give us a call!

Brian Quigley is a senior loan officer with Nations Funding Source and can be reached at 720 524 3215

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