In Honor Of Veteran’s Day: Buying A Home If You’re a Vet
In a city charged by politics every day, it’s important to remember that regardless of your political or moral beliefs, today we recognize all of the veterans who have served this country. Today we thank you!
As part of a way the Government thanks our vets, they provide special financing for retired, active, inactive, and families of individuals serving in our military forces. The Department of Veterans Affairs provides the backing of home loans to military, these loans are called “VA Loans.” It is currently the only 100% financing option available, that’s not provided through a special state funded program.
According to the October 2010 statistics from RBI, 16 of the 173 homes sold were purchased using a VA Loan (or 9.3%).
Read on for more details to see if a VA Loan may be an option for you, read Who is eligible?
Other things to note:
- A termite inspection is always required on a purchase and paid by the seller.
- If the property has a well/septic, the seller must pay for the inspection.
- Appraisal Fees & Timelines
- Loan limits vary by state, but for Arlington, Fairfax, and Montgomery County, Washington D.C., Falls Church City, and Alexandria City the 2010 Max VA Loan Amount is $768,750.
- Properties must meet certain building requirements (see #13), as assessed by an appraiser, to qualify for VA funding.
- There is an additional funding fee, determined by your type of veteran status, size of downpayment, and times you’ve used your eligibility.
For more information, contact a qualified loan officer.