Are you a veteran, an active-duty service member, or a surviving spouse? Well, guess what? You can use your VA loan benefit not just once but as many times as you want!
As long as you're still eligible for a VA loan and can qualify for a home loan, there's no limit to the number of mortgages you can take out using your VA benefits.
Believe it or not, you can even have more than one VA loan simultaneously under certain circumstances!
VA home loans are designed specifically for those who have served our country in the armed forces; in some cases, their surviving spouses are also eligible. The great thing about these loans is that you don't need to worry about making a down payment when purchasing a home.
The down payment is often the biggest hurdle for homebuyers, especially if you're a first-timer. So with the down payment requirement eliminated with VA loans, homeownership becomes much more accessible.
VA loans are backed by the Department of Veterans Affairs (VA). They don't issue the loans directly, but they insure mortgages given by lenders. This means that lenders take on less risk, and as a result, VA loans often come with more attractive terms than other loan types like conventional or FHA loans.
To be eligible for a VA loan, you'll need to meet specific requirements based on your service history. Find out the details at VA.gov or contact us for personalized help.
Okay, let's talk about the cost. The one trade-off for obtaining a 0% down payment mortgage is that you must pay the VA funding fee. But don't let that discourage you! This fee is a one-time payment that helps cover the cost of the VA loan program.
Here's the good news: If you're a veteran with a VA-approved disability, you're exempt from paying the funding fee. The same goes for surviving spouses who qualify, meaning if your spouse passed away while in action or due to a service-connected injury. Oh, and here's another exception: If you return to active duty after receiving a Purple Heart, you won't have to pay the funding fee either.
For first-time VA borrowers who make a down payment of less than 5%, there's a fee equal to 2.15% of the loan amount. Subsequent borrowers with the same down payment pay just a bit more at 3.3%. If you can put down a larger down payment, your funding fee will be lower. And guess what? You can pay this fee at closing or finance it into the loan.
So, if you're considering buying a home and taking advantage of these fantastic benefits, why not reach out to us, your local mortgage professional? We can guide you through the process and help you secure a VA loan that suits your needs.
Don't miss out on this opportunity to make homeownership more accessible and affordable. Get started online today!
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 2342380
MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC strives to ensure that its services are accessible to people with disabilities. MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows mortgageexpertswi.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on MORTGAGE APPROVAL EXPERTS OF WISCONSIN, LLC website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: mark@MortgageExpertsWI.com