What You Need to Know About VA Loans

Dated: 11/08/2019

Views: 790

If you have been honorably discharged or are currently serving in the U.S. military, you could be eligible to use your VA loan to buy a home in Vero Beach. However, if you’re like many service members, you aren’t entirely familiar with the VA loan process and what you are entitled to receive through the program.

You can use a VA loan to buy a house in one of Vero Beach’s 55+ communities, a mainland condo in Vero Beach, or a waterfront property—you just have to qualify for this type of loan in order to use it.

VA Loans: What You Need to Know

The Department of Veterans Affairs backs loans through private lenders so it is easier for current and former service members to obtain financing to purchase homes. Because the VA backs these loans, lenders are often able to provide buyers with more favorable terms than they would get otherwise.

Some of the advantages to using a VA home loan include:

Zero down. There is no down payment required as long as the sales price does not exceed the appraised value of the home.

No PMI. With a VA loan, you are not required to obtain private mortgage insurance. This can save you a substantial amount of money over time.

Limited closing costs. The VA’s rules limit the amount of money you can be charged for closing costs.

Early repayment. Your lender cannot charge you a penalty if you choose to pay off the loan early.

Help from the VA. If you run into trouble making your payments, and the may be able to provide you with some assistance to help you avoid foreclosure and other penalties.

You don’t have to be a first-time homebuyer to use your VA loan, and you can reuse the benefit as long as you have paid off any prior VA loans before obtaining a new one. Finally, these types of loans are assumable, provided that the person assuming the loan qualifies for a VA loan of his or her own.

Are You Buying or Selling a Home in Vero Beach?

If you're considering buying or selling a home in Vero Beach, we're here to help. Check out our: 

You can also get in touch with us to learn how we can aggressively market your home to all the right buyers. We can help you sell it quickly - and at the right price - so call us today.

 

Blog author image

Chip Boyer

Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....

Latest Blog Posts

Fun, Easy Ways to Reuse Wine Corks

You might think twice about tossing out the corks of your empty wine bottles after you see these clever ways to reuse them around the house. Check them out. Holding the CardsCreate an easy place

Read More

Caring for Succulents: Signs of Underwatering and Overwatering

Succulents make great potted plants that can beautify the steps or front porch of your home. If you don’t have a green thumb don’t worry—these drought-tolerant perennials require

Read More

3 Clever Ways to Use Wine Corks Around the House

If you enjoy partaking of a little bit of the bubbly from time to time you may want to hold on to a few of the bottle corks once you see these clever ways you can repurpose them for use around your

Read More

5 Things to Look for When You Need a Wheelchair-Accessible Home

Whether you’ve purchased a home that needs to be modified to accommodate a family member who requires the use of a wheelchair, or your childhood home needs to be retrofitted for an elderly

Read More