If you are thinking of using your VA loan benefit to purchase your first home, but are worried about the financial challenges, you are not alone. However, chances are using your benefit to buy a new home can be a solid financial investment. We’ve answered the top 3 most common questions of first time Veteran homebuyers:
As we prepare to celebrate the 4th of July, it’s important to remember the many ways in which we can honor our Veterans during this special holiday. These small gestures will make a big difference in the lives of those who sacrifice to protect our freedom:
If you are planning to move, it may be important for you to know the property tax exemption options in your future home state!
Almost every state in the U.S. offers a property tax exemption of some sort to Veterans, some offering even more to Veterans with disabilities.
Read on to find out the property tax exemptions in each state. Information is subject to change at any time, please check with your state regulations for the most up-to-date exemption information.
In some cases, it may be necessary to include a co-borrower on your mortgage to help with the financial obligations that come with owning a home. While co-borrowers are typically spouses, they do not have to be. If you are an eligible veteran and are considering a co-borrower, there are two types of people who qualify; spouses and veterans. Read More
Many veterans qualify for a waived funding fee in their VA loan transaction but are unaware. Below, we highlight the five groups that the VA Handbook identifies as eligible for this additional benefit:
1.) Veterans entitled to receive compensation but are currently on active duty.
2.) Veterans receiving VA compensation for disabilities associate with their service.
3.) Veterans entitled to receive compensation for disabilities associated with their service and did not receive retirement pay.
4.) Spouses of those veterans who died in service or from disabilities associated with their service.
5.) Veterans rated by the VA who are deemed eligible to receive compensation due to a pre-discharge disability examination.
For more details on which groups are exempt from the funding fee requirement, and other information associated with borrower fees, see this excerpt from the.
For active military members, applying for a VA home loan close to their re-enlistment date can impact the process. The Department of Veterans Affairs requires enlistment verification for those applying for a loan within one year of their re-enlistment date. Furthermore, applicants currently serving in the military, who are nearing the end of their service commitment, must provide additional documentation. Below, we have outlined some key document requirements:
Military Direct Mortgage is proud to offer the VA Home Loan to veterans, active-duty military members, and their families. We are dedicated to serving those who have served. As we approach the Memorial Day holiday, we reflect on the sacrifices of the men and women in uniform.
Memorial Day weekend for many kicks off the summer season, and is celebrated with barbecues, parades, and family gatherings. While this has become the norm for most, we want to take some time to celebrate the lesser known facts about the holiday.
The Department of Veteran Affairs created the VA Home Loan to assist veterans and active military obtain the dream of owning a home. It is a way to thank veterans for the sacrifices they gave in honor of their country and fellow citizens. Unfortunately, a staggering number of veterans do not utilize this benefit, and even more don’t even know it exists.
80% of the country’s veteran population are homeowners. Of these homeowners, only 13% have ever utilized their VA loan benefit. And according to a 2010 national survey, 33% of veterans didn’t even know there was a VA home loan product. So how can we help more veterans become aware of the benefits available to them? By spreading the word and continuing to provide education on the VA home loan, including these key components:
Military discounts are a tremendous benefit available to military families, active service members, and retirees. If you don’t already, it’s a good habit to start asking for discounts when shopping at a store or visiting a restaurant, because chances are, the location offers one. You can even get military discounts shopping online. By following these tips, you can get the most for your money.
The VA home loan is not just for veterans and active service members looking to purchase a new home; you can also use your VA benefit to refinance. Since Veterans are allowed to use their VA benefits at anytime, refinancing your current loan, no matter the type, can maximize your benefits. Below we provide some helpful information should you be considering this option while rates are still low.Read More