VA Loans Benefits to West Virginia Veterans
The following information is from a guest blogger Matt Polsky, and is a guest contributor to my Active Rain blog. Matt is a mortgage commentator for www.VAMortgageCenter.com. VAMC is the country's number one dedicated VA lender, securing over $1 Billion of VA funding in 2010 alone.
Information on VA Loans and benefits to West Virginia Veterans, by Matt Polsky
Financing a home shouldn’t be a nightmare, especially for military homebuyers. That is why Congress created the VA Home Loan program in 1945. Since then, the program has taken shape to enable veterans and service members buy their dream home without the financial burdens of traditional loan options. West Virginia VA loans’ carry several financial advantages that make them the preferred option among military homebuyers.
Traditional home-financing plans come with large down payments, as high as 20 percent and unless homebuyers have substantial savings, this option is unrealistic. Since military families have difficulties saving money and building credit, due to frequent relocations, VA loans in West Virginia come with next-to-nothing down payments. Almost all VA loan borrowers pay zero down and still finance 100 percent of their home.
Lower closing and concession costs also equate to immediate savings. Through VA loans, homebuyers can get the seller to cover up to 6 percent of those costs. In addition to these initial savings, West Virginia VA loans come with perks that save thousands of dollars in the long run. For example, there is no private mortgage insurance (PMI) every month like a conventional loan, which is an immediate increase to your monthly payment. Although VA loans come with the VA funding fee, which is 2.15 percent of the loan amount for first-time homebuyers, it can be rolled into monthly payments. The VA funding fee is designed to keep the program alive for future military service members.
Interest rates are lower for VA loans as well. The VA insures up to one-quarter of every loan, thereby decreasing the risk assumed by VA-certified lenders who issue the loans. The lenders are inclined to take a few points of interest rates off VA loans. As an added bonus and thanks to active-duty homebuyers, their loans also have interest rate caps.
Almost all subprime mortgages come with prepayment penalties, as do some prime mortgages; however, VA loans eliminate prepayment penalties. That way, military homebuyers can pay off their home at their own rate without fear of financial repercussions.
Qualifying for West Virginia VA loans is even easier than doing so for a conventional loan.
- The VA has no credit score requirement, but VA-certified lenders look for scores of 620 or higher.
- Lenders usually allow debt-to-income (DTI) ratios to be as high as 41 percent. However, a lower DTI ratio is sure to get homebuyers a better interest rate.
- It is even possible to qualify for a West Virginia VA loan with a previous foreclosure or bankruptcy.
A Certificate of Eligibility (COE) marks the first step in obtaining a West Virginia VA loan. COEs are simple forms that make sure VA loan applicants fulfill the eligibility requirements. Those who may qualify for a VA loan have:
- Served in the military on active duty or 90 days during wartime or 181 days during peacetime
- Served in the National Guard or Reserves for at least six years.
- Survived a spouse who died in the line of duty or because of a service-related injury. Contact a VA-certified lender today for more information about VA loans in West Virginia!
West Virginia Veterans wanting more information on VA loans contact Matt Polsky, a real estate/mortgage blogger associated with VA Mortgage Center.com.
Note: Posting this on my site does not indicate that I support this mortgage company nor any of its lenders.... and is posted for your information only.
____________________________________________________________
If I can assist you in any way with your real estate needs, please feel free to contact me by phone at (304) 520-2133, email, or visit my website.
Keep Connected On....
Your Real Estate Connection for Lewisburg, WV and the Greenbrier County
 |
 
If I can assist you in any way with your real estate needs in Lewisburg, WV Greenbrier County or the surrounding areas, please feel free to contact me by phone at (304) 520-2133, email or visit my website at www.lewisburgwvrealestate4you.com
Connect to my social networks.......
All pictures and content are my own unless otherwise noted. Please No Copying without my permission. |
