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The VA Loan Process

VA home loans are guaranteed by the U.S. Department of Veteran Affairs, however, borrowers still need to meet certain requirements. Those requirements include meeting credit and income standards. Veterans cannot have a “dishonorable discharge” and they must plan on occupying the home as their personal residence.

Some pros of the VA loan include not having to put a down payment on the home. If qualified, the Veteran can finance the entire sales price. Also, private mortgage insurance is not required. One con of the VA loan are that there is a VA funding fee that is used to cover some of the costs of issuing the loan. Another drawback is that interest only loans are not available if obtaining a VA loan. Lastly, if the veteran dies before the loan is settled, surviving spouses are responsible for the mortgage payments.

The home buying process remains much the same with a VA loan. The borrower must first obtain pre-approval. Once a home is decided upon, the purchase contract will be contingent upon final VA loan approval and a VA appraisal. There are minimum property requirements that must be met upon appraisal.

If you have any further questions about a VA loan, contact a member of the Lowry Team. The Lowry Team will work with their approved vendor, Justin Phillips of Rapid Mortgage Company to get all of your questions answered and have you pre-approved.

For more information on the local communities or housing market,

Contact The Lowry Team Keller Williams Realty

The Lowry Team is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team’s culture is that of a fun, high energy group who prides themselves on providing, personal, professional real estate service.

The Lowry Team is “Different by Design”…taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.

Don’t Hire an Agent…Hire a Team. The Lowry Team.

Buyers and Sellers can reach The Lowry Team – Keller Williams at 513-874-1830.

Other articles you may be interested in:

The Lowry Team Keller Williams Shares The 6 Most Essential Home Buyer Tips

West Chester and Liberty Township Ohio Real Estate Market Report

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What’s The Best Mortgage When Buying A Home?

Are you planning to buy a home in West Chester, Liberty Township, Beckett Ridge or Mason Ohio in the near future? If so, then you will likely need to get a mortgage. There are a number of options available in the home mortgage market today and some of these options may be better for you than others. The following is a brief summary of many of the options for home loans in the West Chester, Liberty Twp,. Mason and Cincinnati Ohio areas:

30 Year Fixed Rate Mortgage: This one is the “old stand by”. The rate is currently very low (approx. 4.25%) right now, although it is higher than some of the other options. The best part of this mortgage loan is that the interest rate doesn’t change for the life of the loan.

15 Year Fixed Rate Mortgage: Same basic premise as the 30 year fixed rate mortgage loan except the payback is calculated on 15 years so the interest rate is lower (around 3.50% today). This mortgage loan is great for building equity quickly, but does come with a higher monthly payment.

Adjustable Rate Mortages: These mortgage loans are mostly based on a 30 year re-payment schedule, but the interest rate may be fixed for just the first 3 or 5 years of the loan and then adjust from there based on market conditions. These mortgage loans will get you the lowest possible rates (2.45% – 2.65% today) and will work especially well if you only plan to be in your home for 3-5 years.

FHA Loans: An FHA mortgage loan is a loan that is made by a bank or mortgage lender that is insured by the Federal Housing Authority (FHA) . This insurance of the loan provides for lower down payments, lower closing costs as well as less restrictive qualification criteria. FHA home loans are very commonly used by first time homebuyers. In the last couple of years many other homebuyers have also turned to the FHA home mortgage loan as a very good option.

Special note: The FHA Loan Limits were recently increased back up to the previous levels prior to the FHA changes made on October 1st, 2011. Congress raised the FHA loan limits in a bill passed on November 17, 2011. The current FHA Loan Limit in Butler County Ohio is $337,500.

VA Loans: A VA Loan is a loan that is made by a bank or mortgage lender that is insured by the U.S. Department of Veterans Affairs (VA). This insurance of the loan by the VA provides for loans with no down payments, provided the homebuyer is eligible for the VA Loan program.