Interest rates are the lowest ever and sellers are motivated to accept lower offers as the market cools this fall. That’s why now is the perfect time to buy a home, especially if you are moving up.
Worried about the down payment?
If you served in the armed forces of our great country, you most likely qualify for a VA loan. It is one of the most powerful loan programs on the market.
Today, we will talk about the pros and cons of a VA loan, and debunk some common myths.
The Pros and Cons of VA Loans
Here are four exceptional benefits of VA loans:
- You do not need a down payment. Yes, that’s true. You can buy a home with no money out of your own pocket.
- There’s no mortgage insurance.
- Interest rates on VA loans are usually lower than most other loan programs offered by lenders (currently 3.25%).
- You don’t need a high credit score to qualify and still get the lowest interest rates. Usually, 620 is sufficient. You may even qualify if you had a foreclosure in the past.
There are a few cons of VA Loans:
- You can’t use a VA loan to buy an investment property or second home. You will have to move into the home yourself.
- There is a VA funding fee of 2.15% of the purchase price. This fee can be rolled into the loan or paid for by the seller or lender.
The Biggest Myths about VA Loans
You probably heard different things about VA Loans. In the video below Chris Birk of Veterans United dispels some common misconceptions …
Call or text me TODAY at (614) 975-9650. As a MRP (Military Relocation Professional), I love to work with veterans and know excellent lenders who can help you with your VA loan.
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.