First time home buyers: Are you familiar with the VA loan? If you are a military member, veteran, and/or a spouse of the two, you definitely should be!
VA loans are backed by the U.S. Department of Veteran Affairs and reserved exclusively for veterans and military family members. Some lenders require a minimum credit score, but a lot of them actually don’t. This is at the discretion of the lender. VA loans offer better terms than a traditional loan from a private bank, mortgage company, or credit union. For example, VA loans require no downpayment - which is only applicable if the sales price is at or lower than the home’s appraised value (which an appraiser will confirm).
According to the VA website, nearly 90% of VA-backed loans are made with no down payment though. So that should bring a little peace to you as a first time home buyer.
Furthermore, there is no private mortgage insurance (PMI) or mortgage insurance premiums (MIP), which saves you money every month! (Most first time homebuyers have to pay PMI because it’s required for anyone else that puts down less than 20%). Learn more about this special type of loan and share the video with aspiring homebuyers who are military members and/or vets that you know!
Resources:
Link to VA loans w/ Navy Federal: https://www.navyfederal.org/loans-cards/mortgage/mortgage-rates/va-loans.html
Listen to Latoria's experience with the VA loan: https://www.maximizedmoney.com/va-loan
First time homebuyer loans:
https://www.maximizedmoney.com/first-time-homebuyer-loans
Instagram (we have lots of fun over here):
https://www.instagram.com/maximized.money
Podcast: Real Estate Prep:
https://www.maximizedmoney.com/episodes (available on all streaming platforms)
Ready to find the right real estate agent for you? Download my free checklist for questions to ask:
https://www.maximizedmoney.com/homebuyers-checklist
Want to get your finances together for your big home purchase? Join my free Homebuyer Goals Challenge:
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