I’m fascinated by the Military and the ones serving, or have served. I have some of the best VA clients, from Navy Seals to Navy Pilots, from Drill Sergeants to Mechanics. It’s amazing, some of their stories are book-worthy! I never joined the Military, but I fully respect those that have. Being a native San Diegan, there’s no doubt I do have a connection with Military families considering I grew up and shared my community with them, and still do. VA loans and the clients I represent are some of my favorite. My innate nature wants to take care of them above and beyond my call of duty… they deserve it. Rates on VA loans are better than most other types of loans. In addition, putting 0% down is a great option if needed. There is always an Upfront Mortgage Insurance Premium (UFMIP) that can range between 1.25% to 3.30%, depending on one’s military status and down deposit. If one has a >10% disability status, the UFMIP can be waived. Most clients wrap the upfront cost into the loan. Unlike other loan types, there is NO monthly mortgage insurance. I believe the 30-year Fixed Rate is the smartest way to go on VA loans… the rates are just too good. Although clients with higher credit scores are highly rewarded, clients with improving credit scores in the 500’s can still get approved.
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. VA Loans offer a number of key benefits, which could make it the right choice for you when shopping for your new home.
- No down payment is required
- Veterans often get a lower interest rate
- Lower monthly payments since VA Loans don’t require the additional expense of private mortgage insurance (PMI)
- Regulated closing costs
- Easier to qualify for a VA Loan than other types of home loans if you have less than perfect credit
You are eligible if you served the under any of the following timelines and were honorably discharged:
• 2 years active Duty
• 6 years Reserves Duty
• 90 days War Time
• 181 days Non War time