What are the benefits of a VA mortgage?

VA loans are my favorite because they are truly a boon for seniors. Interestingly, although many are eligible for this benefit, they do not take advantage of it.

Benefits include:

• 100 percent financing – although not required, it is available.

• Better rates – I have consistently found VA loan rates to be a full score lower than conventional loans.

• Loans ranging from $4 million to $5 million, with 100 percent financing, for qualified borrowers.

• No mortgage insurance, regardless of loan size.

• A VA loan can be used for more than one home, as long as the veteran is not fully qualified.

• VA loans are guaranteed, regardless of whether the buyer is a veteran or not, and can be used for an apartment, a second home or an investment property. This is a great deal if you have a low mortgage and need to sell your home!

• There are two possibilities to help the appraiser to achieve the value of the house. There is a misconception that appraisals are a problem with VA loans, and I have found the opposite to be true.

My father was a soldier in the Navy, and my grandfather was an Army Colonel in World War II. This is a well-deserved blessing!

There are many mortgage financing options available today: conventional, FHA, USDA and VA loans. There are many benefits to a VA loan, making it a great choice for working professionals and seniors looking to buy or refinance a home.

• Unlike conventional or FHA financing, VA loans allow 100 percent financing, and no monthly mortgage insurance.

• With a VA loan, there is some flexibility in income, as well as the approval of meeting credit requirements.

• Unlike a conventional or FHA loan, a VA loan will allow the borrower to get a refund at closing for upfront costs (eg, down payment and appraisal), and the costs closing can be paid by the buyer.

• Another benefit of a VA loan is that there are no credit limits as long as the borrower is still eligible.

As always, if you are considering buying or refinancing a property, be sure to speak with a lender to determine all of your financing options.

Being the daughter of a retired disabled veteran, helping veterans, other workers and eligible spouses to be a homeowner is a true honor and close to my heart!

VA mortgages have many benefits, such as:

• 100 percent financing (no down payment required);

• No private mortgage insurance;

• You can use your VA eligibility multiple times;

• VA loans are available to members of the military (Army, Navy, Air Force, Marines) or National Guard or Reserves;

• No prior convictions;

• Under certain conditions, a VA loan can be used by another veteran or service member;

• Buyers can pay up to 4 percent of the purchase price toward closing costs.

While I help many seniors buy (or refinance), a few years ago a retired Marine and his family decided to move from Maryland to Delaware. They rented it, because he either ordered it or put it in different places. They had limited savings. When they found out that the buyer could help with closing costs (they knew there was no down payment required), the Realtor was able to find a home that fit their needs, and they closed on it. with no money out of pocket!

Anne Vogel Flaherty

Success Home Mortgage LLC

(302) 537-5076

Anne.vogel@phmloans.com