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Looking for help with a VA loan?

7/20/2017

1 Comment

 
Though I’m not one for bootcamps in general, I did attend one recently that, surprisingly, didn’t kill me. It was the VA Bootcamp presented by Envoy Mortgage. Let me share some interesting information I learned that can possibly help you.


Understanding the VA Loan

What’s exciting about a VA loan? ZERO down payment! Also, with no mortgage insurance, competitive interest rates, or flexible underwriting guidelines, what’s not to like?

Florida has the most veterans by state behind only Texas and California. Many here in our state, and especially in Hillsborough County, can appreciate this benefit. With all that veterans do for us, I’m grateful such an opportunity exists. With MacDill Air Force Base right around the corner, many veterans are looking to buy in the South Tampa market, and I’d like to help them.

Though VA loans offer substantial savings, there is a funding fee of 1.75% of the loan amount, but that fee can be financed through the loan. Disabled veterans can have the funding fee waived.

The Benefits of VA Loans

The zero down payment is possibly the best attribute of this loan; it’s no money down up to a purchase price of $424,100. And, for a higher purchase price, the down payment is still a much smaller percentage than the conventional 3-20% down.

With the debt to income ratio of conventional loans maxed at 50%, the VA home loan has no debt to income requirement and no minimum credit score. Much of the process is in the lender’s hands.

Not a veteran or spouse, but like these terms? I learned about other down payment assistance programs that could put you in a home this year. Cowen Property Group can get you with a lender that suits your needs and into a home this year. Give us a call to learn more about loan programs that fit your needs and budget.

1 Comment
Esther Cigalle
8/2/2017 09:24:21 am

thank you for all the helpful information! I am in the process of doing research on trying to get a loan, and I felt like your information was right on time.

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