VA Home Loans for Housing
A growing number of veterans and service members are using their VA home loan benefit from the Department of Veterans Affairs. The VA's home loan program has continued to be a popular choice in the current housing market.
The VA home loan volume has improved more than 30% from last year. Officials say it is due to the exclusion of many no-down payment loan programs in the conventional mortgage industry along with good loan terms.
Loans which characteristic no down payment are becoming very difficult to get with conventional financing. One eyewitness recalls driving a popular Los Angeles freeway and seeing a sign for “10percentdown dot com” which many believe replaced their “ZeroDownLoans” dot com sign. Just recently this year, legislation passed a law for the VA to use a local approach in finding maximum loan amounts on its zero-down payment home loans.
If it hadn't been for the VA home loan series I never would have been able to buy my first two homes. Now years later I'm helping military families transitioning to Fort Belvoir, Quantico or anywhere in the Military District of Washington use the VA Home Loan Program to buy homes.
There seems to be an sketch flying around Northern Virginia that you can't use a VA loan to buy a foreclosure property. THIS IS NOT TRUE! In the past month I've closed on two foreclosure properties in Prince William County with buyers using a VA loan without any problems. The electricity does need to be on when the evaluator shows up but that is an easy problem to solve with a couple of phone calls and if you are having a home inspection you want the electricity on anyway.
For a first time buyer a VA loan solves the down payment issue. VA does not require any down payment, ZERO, NADA, ZILCH and a seller can contribute up to 4% towards closing costs.
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