NOTE: VA Loan = Loan from the United States Department of Veterans
Affairs (VA)
When my wife and I were shopping for our first home we had a hard time
finding a mortgage company or bank that would work with us and not require 20%
down. Finally, a friend of mine asked if we had ever looked into a VA Loan. He
and I both served together in the Army and he had just purchased a nice home
using the VA Loan system. I told him I
had heard the VA Loan process had a lot of red tape and it was just as hard to
get financed through.
After hearing his story about how simple the VA Loans department made
it for him to buy a house I thought I would give it a shot. I was amazed at how
quick and easy it was to finance through VA Loans.
Not only did they work with my wife and me on our financial limitations
the VA made it possible to afford the house and do repairs that were needed.
Instead of having to finance our home with 20% down we were able to go
with the zero down VA financing. That allowed us to use our money we had saved
for down payment to fix up the house and do the remodeling we wanted.
Also, we had no PMI or mortgage insurance requirement with a VA Loan.
Our payment is just based on the amount we borrowed not an extra fifty or sixty
dollars a month on the payment encase we defaulted. That made it possible for
us to increase our purchase amount and shop for a better house.
In the end my wife and I were able to spend $15,000.00 more than we
were originally approved for, use the $10,000 we had saved for down payment to
remodel and now have a $100,000 home for jess than we rented for each month.
I had known about the VA Loan program but honestly never researched it
until a friend who had used it encouraged me to do so. While we still had some
upfront cost of a VA Loan it was not nearly as costly or restrictive as trying
to go with a standard bank mortgage. If
you’re a veteran like myself you should definitely take advantage of this
opportunity.
By Josh Johnson
Call Now for More Information: (248) 569-1486
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