Did you know there are currently 22 million living veterans in the United States? Of these, 16.5 million are wartime veterans, and 5.5 million are peacetime. Nov. 11 is the day when we recognize these brave men and women with Veterans Day.
If you know someone who has served in the armed forces, remind them that they can purchase a home with a VA loan, a special loan specifically for veterans. The VA (Department of Veterans Affairs) helps service members, veterans, and even eligible surviving spouses become homeowners. They do this by providing a home loan guaranty benefit and other housing-related programs to help veterans buy, build, repair, retain, or adapt a home for their own use. What this means is that the VA guarantees a portion of the loan, making it possible for the private lenders that actually provide the loans to offer more favorable terms.
What are some of the benefits of purchasing a home with a VA loan? One of the most important is the ability to buy a home with no down payment (provided the sales price doesn’t exceed the appraised value). Home buyers sometimes save for years to have the necessary down payment to buy a home. With a VA loan, having a down payment is not a requirement, which means you can own a home faster.
There are other great benefits to buying a home with a VA loan. First, there are rules that limit the amount you can be charged for closing costs (this could save you thousands). Second, the lender can’t charge a penalty fee if you pay the loan off early, which will save you money on interest payments. Third, you don’t have to be a first-time homebuyer, and the benefit is reusable. Plus, the VA may even be able to provide assistance down the road if you run into difficulty making your mortgage payments.
How do you get started? Find a dedicated real estate professional who can help guide you through the process, including helping you get prequalified by a participating lender, determining what you’re looking for in your new home, and assisting you through the process. You can also find more information at the VA’s website, www.benefits.va.gov.
We at Gloria Zastko, Realtors, are thankful and grateful to our Veterans and will make every effort to help them find a home to live the American Dream…a value they so valiantly served to protect.
Mark J. Schmidt is a broker/associate with Gloria Zastko, Realtors in North Brunswick. He can be reached at 732-297- 0600, ext. 37, or at [email protected].