Are you a Veteran, servicemember or surviving spouse living in Seattle? Would you like to purchase a home or refinance in 2019 to help set up your financial goals for the future?
Then a VA Loan might be a good option for you. VA Loans are insured by the U.S. Department of Veteran Affairs and delivered via VA-approved lenders such as Element Mortgage. The unique benefit of VA Loans is that they come with more lenient guidelines for qualification than other loan programs. Because of this, it can be an ideal program for first-time buyers and those looking to refinance.
There are some misconceptions out there about the program, however. Maybe some of these misconceptions have prevented you from taking the step toward purchasing a home. We want to make sure that doesn’t happen, so we are going to take a minute to break down some of those common misconceptions.
VA Loan Eligibility Expiration
Some may think that their eligibility for a VA Loan expires if it isn’t used within a certain timeframe. This is not the case at all. In fact, it doesn’t even expire if you go through a foreclosure.
Monthly Mortgage Insurance
There is no requirement for monthly mortgage insurance, as there is with other loan programs if there isn’t a down payment or too little of a down payment.
Some may not take advantage of a VA Loan because they think they can only borrow up to 90 percent of what the house is worth. This is not the case. You are eligible to borrow 100 percent of the value of the house, and in some circumstances, even higher than that.
Using it Multiple Times
We hear it often that people assume they can only utilize the VA Loan program once. This is false – you can actually have various VA Loans all at one time.
We would be honored to help out a servicemember, Veteran, or eligible surviving spouse in our area with a VA Loan. If we have cleared up one of your misconceptions and you are ready to start the home loan process, don’t hesitate to contact one of our home loan professionals today!