Home loan benefit available for service members, veterans, families

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JournalTimes.comAs part of the VA mission to serve veterans, they provide a home loan guaranty benefit and other housing-related programs to help veterans buy, build, repair, retain or adapt a home for their own personal occupancy.

VA home loans are provided by private lenders, such as banks and mortgage companies that help veterans purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance. Most VA home loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it.

The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

• No down payment as long as the sales price doesn’t exceed the appraised value.

• No private mortgage insurance premium requirement.

• VA rules limit the amount you can be charged for closing costs.

• Closing costs may be paid by the seller.

• The lender can’t charge you a penalty fee if you pay the loan off early.

• You don’t have to be a first-time home buyer.

• You can reuse the benefit.

• VA-backed loans are assumable, as long as the person assuming the loan qualifies.

For more information about VA Home Loan Program you can go to Veterans Affairs VA Loan Program or call or visit Ali Nelson, your Racine County veterans service officer, at (262) 638-6667 located at 1717 Taylor Ave., Racine.

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