Are you asking your buyers if they‚Äôre veterans of the U.S. Armed Forces? There are 25 million veterans in the U.S. today, 2 million of which are women. While more than two-thirds of them are over 40, a substantial number could benefit from the Veteran‚Äôs Administration (VA) Home Loan Program.
The VA Home Loan Program is the only national 100% financing loan program. Veterans can purchase a home with no down payment and the seller can contribute up to 4% of the home price for their non-recurring closing costs and impounds.
Often referred to as the VA No-No program, combining the max sellers‚Äô closing cost contribution with a VA home loan affords buyers the chance to ‚Äúget into a home‚ÄĚ, for no money, at a below market rate.
There are no ‚Äústated income‚ÄĚ options nor ‚Äúinterest-only‚ÄĚ options for a VA home loan. Veterans must qualify on full income documentation. Their total monthly obligations (including the proposed mortgage payment) must be under 43% of their monthly income unless they Continue reading this post