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Memorial Day & The American Dream of Home Ownership

By Posted in - Real Estate on May 31st, 2011 0 Comments

Memorial Day & The American Dream of Home Ownership

Millions of Americans will come together once again to commemorate our finest this Memorial Day. Real estate agents and national lenders, VA Mortgage Center and others

, can show their support by urging veterans to finally take that fulfilling step into homeownership.

Memorial Day should inspire veterans to take advantage of their VA benefits. Owning a home can be among the most satisfying. The Department of Veteran Affairs has backed the VA loan program since 1944. The program gives service members the chance to obtain beautiful homes at affordable rates and prices.  However, of the nearly 24 million veterans, less than 10% have a VA loan. Most all veterans are eligible for a VA home mortgage. They also have free support from agents, lenders, and counselors all over the country.

Buying a Home with Less Stress

With its numerous benefits, veterans can buy a home while saving money. If they do not have the opportunity to save up for a down payment, veterans can forego the down payment with the VA loan–$0 down. Conventional home loans often require 10 to 20% down on a home.  Coming up with such a large chunk of change discourages many from buying a home.

In addition, loan officers offer low rates, no private mortgage insurance and no hidden fees. Veteran borrowers receive up to $417,000. Lenders can approve VA Jumbo Loan (up to $1 million) in high cost locales. A lender will also allow a veteran to pay off his loan before the expiration of the loan without penalty fees.

Apply

Veterans must be able to prove military service via a certificate of eligibility.

The eBenefits portal lets veterans receive the COE online, fast and easy. Another quick way to receive the document is through a lender or loan counselor.

  • Once a veteran finds the home, he or she must fill out a purchase agreement.
  • The next step is to request an appraisal on the home from the Department of Veterans Affairs.
  • Apply for the loan through a qualified mortgage lender.
  • Once approved, the loan will be closed and the veteran can move in to the new home with his or her family.

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