Potential homeowners in today’s real estate market have been overwhelmed by fallout from the subprime meltdown. The consequences from former lending practices has led to much needed restrictions in conventional lending programs; however, these restrictions have also prevented many capable borrowers from receiving the funding needed for the home of their dreams.
While conventional borrowers are having trouble financing their homes, the VA Loan has emerged as a lifeline for military and veteran homebuyers who understand the opportunity provided for them with this powerful program. The problem is so many veterans are unaware of the home loan benefits earned by their service or how best to utilize them.
That’s why we decided to write “The Book on VA Loans: An Essential Guide to Maximizing Your Home Loan Benefits.” It has more than 270 pages of insider tips and advice to help veterans, active military members and military families get the most from a loan program that’s helped more than 18 million people since 1944.
Prospective borrowers can find all kinds of VA loan information online, but so much of it is suspect at best and outright erroneous at worse. We wanted to break down this sometimes complicated process into easy-to-digest pieces and provide veterans with the best weapon available when financing their home — knowledge.
Here’s a look at just a handful of the key takeaways from this resource:
- The VA Loan is for primary, single-family residences. This program isn’t for you if you’re looking to buy a fi
xer-upper, a vacation home or a small business.
- According to a Department of Veterans Affairs study, just over 12 percent of the nation’s 20 million veterans have used their VA loan benefits.
- This isn’t a one-time benefit. Qualified borrowers can restore their full entitlement after repaying a mortgage, and the concept of secondary entitlement allows veterans in some cases to have two VA loans at once.
- The only acceptable co-borrower is your spouse or another eligible veteran who will take residence in the home with you.
- VA loans do not require any private mortgage insurance, which is a requirement on conventional loans without a 20 percent down payment. The VA guaranty eliminates the need for mortgage insurance, saving you hundreds of dollars a month.
Visit “The Book on VA Loans” online to get a free copy.