Va Loans Cary | NC FHA Expert

VA Loans – Cheaper if you make a Downpayment

August 25, 2009 By Eleanor 1 Comment

There are GREAT VA benefits, but most Veterans we talk to never mention them to their loan officer! That’s a shame, because there are many times when it might make sense to do a VA home loan as opposed to a Conventional or FHA loan for your mortgage program!

If a Veteran can put a down payment on the home, the funding fee is reduced. For regular military, the funding fee on a 95% loan is only 1.5% and 1.25% on a 90% loan. Reserve members pay 1.75% & 1.5%, respectively.

There’s no MONTHLY fee – which is why it is cheaper than FHA or often times, Conventional PMI.

If you are considering purchasing a home in NC and you want to get pre-qualified, please call Steve and Eleanor Thorne 919-649-5058! We have the LOWEST RATES!

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VA Loan Co-Signors

May 20, 2008 By Eleanor 6 Comments

wedding VA mortgage loan guidelines recognize legally married spouses of qualified veterans as co-signors on VA loans. This means that we can include the spousal income to qualify for the loan, and that these loans can be fully guaranteed by the VA. Simply being engaged means that you can get pre-qualified with the spousal income, but the closing must take place after we have evidence of the marriage.

The VA mortgage loan guidelines also allow for more than one eligible veteran(s) to purchase a home. If a married couple with more than one eligible veteran is involved, VA divides the entitlement charge equally between them, if possible. If two unmarried eligable veterans purchase property together the same rules apply and these loans can be fully guaranteed by the VA.

While the VA guidelines may allow for a non-veteran to co-sign for a mortgage loan, they will not fully guarantee the loan, and in our 25 years of lending, we’ve never seen one of these loans close. Again, the VA mortgage loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry).

Although it seems more confusing than it is, the federal government does not generally make direct loans under the act. The government simply guarantees loans made by ordinary mortgage lenders (descriptions of which appear in subsequent sections) after veterans make their own arrangements for the loans through normal financial circles. The Veterans Administration then appraises the property in question and, if satisfied with the risk involved, guarantees the lender against loss of principal if the buyer defaults.

In the case of divorce, the Veterans Administration has several choices. If a non-eligable spouse continues to occupy the property and if the payments are made in a timely fashion, no change to the loan will be made. In this case, the military spouse will have their eligability for a mortgage re-instated once the loan is paid off and/or refinanced out of a VA loan. If payments are missed, and the property is approaching foreclosure, the VA might choose to refund the loan and have the payments made directly to the Veteran’s Administration.

For more information about purchasing a home in Raleigh with VA Financing or buying a home in Cary as a Veteran, please contact Steve and Eleanor Thorne with Connect With Us on Facebook in Cary, NC. 919-649-5058

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Va Loans and Co-Borrowers

March 31, 2008 By Eleanor 7 Comments

va mortgage loans The married spouse of a military member or veteran can co-sign a VA loan. WHAT DOES THAT MEAN? In practical terms it means that if you are not married – and the other borrower is NOT a veteran, you will not be able to borrow the maximum allowable VA loan of $417,000.

Again, two unmarried military members are able to co-sign on a VA loan with full benefits. When a military member or veteran wants to bring an unrelated, non-military cosigner, the VA allows this with one major exception.

The VA Mortgage Loan guarantee is limited to the amount of the veteran’s interest in the property. Some companies won’t allow these types of “mixed” loans, so you are likely better off getting an FHA loan!

For more information about qualifying for a VA Mortgage Loan, please click here!

If you have questions about these and other homebuying options – contact Steve and Eleanor Thorne, Government Loan Experts!

Call us at 919-649-5058 – we LOVE working with Veterans, and we APPRECIATE your service!!