With the number of our young men and women serving overseas in recent years, we once again have a large number new Veteran’s who are eligible for VA Mortgages. Our men and women who have bravely served our country receive very little in return for putting their lives on the line, so that we back home can enjoy the freedoms that we have been blessed with. Aside from the pride of knowing that they are protecting our freedom, and hoping to extend the same to others around the world, there is very little else that they return back home with.
A VA home loan is one reward that is available to them, and a reward that those of us in Real Estate Industry need to make them aware of, and the advantages that VA Mortgage provide them with.
VA Mortgage benefits for a Veteran:
- No down payment
- No PMI
- Loan amounts up to $417,000
- Assumable mortgages
Those who are eligible:
- Honorably discharged
- Widow/widower of eligible service member or spouse of an MIA or POW
- Wartime service – a minimum of 90 days active duty
- Peacetime periods – 181 days of continuous active duty
- Actively in service or a valid VA Form DD214
- Have certificate of eligibilit
VA Mortgages can also be combined with State Bonded Loan Programs like Connecticut Housing Finance (CHFA) here in Connecticut. If a Veteran is a First Time Homebuyer, they can do a CHFA/VA loan, in which they can combined all the advantages of a VA Mortgage with the below market interest rates that CHFA offers. In fact CHFA reduces their already low rate to Veterans by an additional .125%.
Let’s all do our job and honor our Veterans by making sure that they are aware of and utilize everything that they are entitled to, they have more than deserved it.
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Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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