Benefits of va loans for disabled vets - PowerPoint PPT Presentation

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Benefits of va loans for disabled vets

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Jimmy Vercellino, VA Loan Specialist helps veterans obtain the loans they are entitled to. He served in the United States Marine Corps, and now devotes himself to the Veteran home buyer in the Phoenix area, fulfilling a passion of his while at the same time helping others achieve home ownership. Be a proud homeowner today. For more details call 480-351-5904 or visit the site VA Loans for Vets 7702 E. Doubletree Ranch Road, Suite 220 Scottsdale, AZ 85258 Phone: (480) 351-5904 Email: jimmyv@fcbmtg.com – PowerPoint PPT presentation

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Title: Benefits of va loans for disabled vets


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BENEFITS OF VA LOANS FOR DISABLED VETS
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Many Disabled Veterans are not well informed
about the potential benefits they are entitled to
when it comes VA home loan.
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A VA loan specialist will interview the Veteran
and determine what type of loan they are eligible
for.
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The specialist will explain to the veteran the
benefits that come with the type of the loan he
or she is eligible for.
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Most Veterans qualify for the VA Home Loan
Program and are even eligible up to 100
financing of loans up to 417,000.
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Loan limits on higher jumbo loans are available
and have small down payments. VA loans do not
have mortgage insurance.
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However, first-time users require an upfront,
financed, Funding Fee of 2.15.
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  • Disabled veterans are exempted from paying the
    funding fee.

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  • This is beneficial because the fee typically
    comes with the loan.
  • This means that your loan is already reduced.

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  • However, for first-time applicants, the fee is
    2.15 percent, which on a 150,000 loan is4,300.

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  • Borrowers who are not exempted from paying this
    fee can, however, ask the seller to give an
    upfront payment or pay later by putting it to the
    mortgage.

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During the purchase process, its very common for
VA borrowers to be in the process of receiving a
disability rating. Sometimes after the loan has
been closed is when they receive word.
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In this scenario, veterans can ask for a refund
if they receive the disability rating. But this
is eligible if the loan period is still open.
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It is impossible to ask retroactively for your
disability compensation. But when it arrives, you
can opt to pay down your mortgage with that lump
sum.
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VA loans have no prepayment penalties.
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Just like any other prospective borrower,
disabled veterans will not automatically be
eligible for the VA home loan.
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The disabled veterans need to follow the process
and meet a VA-approved lenders credit and
underwriting requirements.
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All in all the VA lenders require at least a 620
credit score to be eligible.
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Other requirements include a stable, and reliable
income is an added advantage.
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Not forgetting a balanced debt and income
equilibrium, it should be noted that it is very
important.
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Disabled veterans are also able to join the VAs
Specially Adapted Housing (SAH) grant program.
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It helps veterans in adapting to retrofits that
will help in their needs. The SAH grants can run
up to 5,000 and in some cases even 10,000.
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  • However, not all have the same borrowing
    situations.
  • It is of great importance to contact the VA for
    better clarification whether you are eligible for
    the SAH grant or not.

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  • Disabled veterans are exempted from property tax
    once they use their VA loan benefit to buying a
    new home. These tax exemptions can help a great
    deal.

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  • This exemption from property tax can help in
    reducing the costs and amount of money used in
    taxes yearly.
  • However, this law is different in states, so it
    is good to check with your local VA.

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  • Jimmy Vercellino, VA Loan Specialist helps
    veterans obtain the loans they are entitled to.

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  • He served in the United States Marine Corps, and
    now devotes himself to the Veteran home buyer in
    the Phoenix area

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  • fulfilling a passion of his while at the same
    time helping others achieve home ownership.

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  • Be a proud homeowner today. For more details call
  • 480-351-5904 or visit the site http//www.valoansf
    orvets.com/

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VA LOANS FOR VETS 7702 E. Doubletree Ranch Road,
Suite 220 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
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