Loans for Veterans

Loans for Veterans

Deciding to purchase your first home is one of the biggest and best decisions anyone ever makes. After all, a home is one of the largest and most emotional investments most people will ever make. Searching for your new home is always an exciting, but demanding experience. Having real estate professionals take a lot of time understanding your unique needs and lifestyle is important. Our experienced professionals work hard to find you the perfect home and ensure that each detail of the purchase process is handled with care. Security America Mortgage is dedicated to helping Veterans through the VA Loan process and finding the right home for you, this guide will explain how the VA Loans for veterans process works from start to finish.VA Home Loans are provided by private lenders, such as Security America Mortgage Inc.  VA guarantees parts of the loan against a loss, allowing the lender to provide you with better terms.The service of veterans has done a tremendous amount for the United States – on our own soil and around the world. Many continue their contributions to the country by channeling their skills and leadership into entrepreneurial endeavors that help strengthen our economy.And now through the rest of the fiscal year, SBA’s Express Loan Program will make it easier to get loans in the hands of veterans so they can succeed in their business ventures.

A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.The VA loan allows veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for an VA Interest Rate Reduction Refinance.VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.The maximum VA loan guarantee varies by county. As of 1 January 2017, the maximum VA loan amount with no down payment is usually $424,100, although this amount may rise to as much as $721,050 in certain specified “high-cost counties”.

The VA guarantee lets Security America Mortgage to provide you with better terms, including:-

    -No down payment for loans that are same to property value
    -Limited amount of charges for closing costs
    -No mortgage insurance
    -Possibility of closing costs being paid by the seller
    -Security America Mortgage won’t charge a penalty fee for paying the loan off early
    -The VA could possibly provide you assistance if you struggle making payments
    -It doesn’t have to be your first home
    -Your benefit can be reused
    -VA loans are assumable, as long as the person qualifies

Before buying a home it is important to educate yourself on the real costs of homeownership.  By planning ahead, you will know how much you can afford so as to not be set back with unwanted expenses.The Consumer Financial Protection Bureau can help by reviewing your spending and seeing future homeownership costs.You can use our VA Loan Calculator, which will help you calculate your affordable mortgage payment.This an excellent opportunity for your family to consider the important factors in purchasing a home.  These factors can include driving distance to work, expenses in things like shopping and entertainment, and desired quality of schools.  Considering all of these factors is an important step in the path to choosing the right home.When using the VA Home Loan for Veterans, a VA approved appraiser will complete the appraisal to complete the home’s value and ensure it is safe and sanitary for your family.Security America Mortgage Inc needs to review the appraisal when it is complete to make sure it meets our underwriting standards, as well as sufficient collateral to finish the home loan.  Security America Mortgage Inc will give you a copy of the appraisal.If the appraised value is not sufficient enough to complete the loan, you have several options to enable you to continue with the purchase:

    -Request a Reconsideration of Value (ROV).
    -Renegotiate the sale price.
    -Bring cash to the closing table.

An appraisal is different than a home inspection.  Buyers should sometimes consider hiring a qualified home inspector to fully inspect the home for problems and potential maintenance issues.

Closing and Move In To Your New Home:-Before the actual closing date, you should review the amount of fees and the terms and conditions of your contract. Additionally, you’ll need to know the amount you need to bring to the closing. But of course, our Loan Officers and Real Estate Agents will assist you with this entire process.The closing of the home is when the purchase is funded with your VA Benefit.  Thanks to its many benefits, the VA home loan has no down payment.  Because of this feature, a home buyer can use those savings to increase your emergency fund or use the money on personal expenses.Security America Mortgage is required by law to give you a “Closing Disclosure” at least three business days before closing. For more information on the closing disclosure .Depending on your area’s laws, closings may occur at the title company, escrow office, or attorney’s office.  At the time of closing, expect to sign many documents including the mortgage, the note, and the deed.  Your military-friendly Real Estate Agent will be present, as well as an escrow officer or closing agent to conduct the transaction. This may be a long process but always know to ask our friendly staff any questions you come across.

Loan fees:-Through the end of September, SBA has set the borrower upfront fee to zero for all veteran loans authorized under the SBA Express program, which supports loans of up to $350,000.Additionally through the end of the fiscal year, fees on all loans (and not just for veterans) $150,000 and under are set to zero.These initiatives make the loans cheaper for the borrower, which is just another way SBA is looking to serve small business owners – and those veterans who have served us – as they look for ways to access capital.

About the Express Loan Program:-One great feature of the Express Loan Program is that it has an accelerated turnaround time for SBA review. You’ll receive a response to your application within 36 hours.With a fast turnaround, streamlined process and easy-to-use line of credit, this program is SBA’s most popular loan delivery method – nearly 60 percent of all 7(a) loans over the past decade being authorized through the program. Since the program began, it has also been one of the most popular delivery methods for getting capital into the hands of veteran borrowers.

Getting started:-Interested in exploring loan options to get your business started? Check out these loans that fall under Express Program standards. Our business loan checklist can also help prepare you for the application process, in addition to taking a look at the credit factors lenders will consider when you apply for an SBA-backed loan.In the transition from military service to customer service, you’ll find great resources from SBA to help you find success. And if you’re looking for funding to get your business off the ground, these loan perks may make it possible to do just that.

Content Credit :- Bikram Hot Yoga Poses

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