Home Loan Program for our Military Veterans

Written by CFB Blogger. Posted in Blog

If you are a veteran of the U.S. armed services, we sincerely thank you for your service to our country. Did you know that, as a veteran, there is a home-loan program that is available to you? VA home loans do not require a down payment and the seller can pay all closing costs for the buyer. There is no monthly private mortgage insurance, they are available with extremely low interest rates and have flexible credit guidelines. From an article on www.capegazette.com by Licensed Mortgage Professional, JoAnn Moore, “Loans can cover the total purchase price, and the appraisal is invoiced at closing, so upfront out-of-pocket costs are very minimal. The borrower will put a deposit with the offer to show good faith and may have a few inspection fees to pay prior to closing. Terms for the fixed interest rate loans are 10, 15, 20, 25 and 30 years. There is also a 5/1 adjustable rate mortgage. An upfront VA funding fee is added to the loan balance unless the veteran receives at least 10 percent military disability.” The borrower must have at least two credit scores (Experian, Equifax, TransUnion) and there are requirements for number and length of the accounts. Any Chapter 7 bankruptcy must have been discharged for at least 24 months. A Chapter 13 bankruptcy must have been entered a minimum of 12 months preceding the loan application and paid as agreed upon in the bankruptcy documents. The wait time on foreclosures is 24 months since discharge. Short sales are also allowed, albeit with some restrictions. Ms Moore continues, “The seller, lender or other party may pay closing costs with no limitation on behalf of the borrower. In addition, the seller can provide concessions up to 4 percent of the value of the home. This can even be used to pay off accounts or judgments for the buyer. There is no monthly private mortgage insurance. Escrows are required for homeowner’s insurance and property taxes.” A look at interest rates as of October 13, 2014, shows a VA purchase with a 640 or above credit score can obtain a 3.75% fixed-rate for a 30-year term. On an $180,000 purchase, this equals an $853 monthly principal and interest payment. Veterans with certificates of eligibility have an excellent opportunity to obtain affordable mortgages with VA home loans. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, you can depend on the attorneys from Client First Bankruptcy who have helped thousands of satisfied clients discharge their crushing debt. For your free initial consultation, please call our knowledgeable and empathetic lawyers toll-free at 800-383-6004. We answer our phones Monday-Friday from 8:30 a.m. – 6:00 p.m. And log onto www.clientfirstbankruptcy.com for vital and timely bankruptcy information 24/7 so you can get the information you need at your convenience. Happy Veterans’ Day!