Happy Veterans Day! Are you a veteran, reservist or guardsman? Then you may quailify for special loan programs offered by the United States Government and/or the State of Ohio to help you in buying a home. There are multiple programs each with varying requirements but here are some of the basics.
Congress recently enacted several changes that now qualify Reservists and Guardsmen for VA loans, in addition to Veterans. You may be eligible for VA home loans up to $417,000 with zero down, as the Veterans Administration is providing loan guarantees to reservists and guardsmen – – in addition to regular veterans – – if you meet any one of the following conditions:
- You have completed six years in any U.S. reserve component, since 1944.
- You have served 90 days continuous active duty in a Title Ten Call Up (contact the VA eligibility office to determine if you fit this criteria 888-244-6711)
- If you were disabled while serving before completing your six year obligation.
ADVANTAGES OF OBTAINING A VA HOME LOAN
- VA home loans require no down payment up to $417,000, and many lenders only require 25% down on the amount over $417,000 to reach higher priced homes. The maximum VA loan amount is now the same as the FNMA/FHLMC maximum loan amount and is adjusted annually.
- The seller or builder can pay the entire veteran’s or reservist’s closing costs and pre-paids up to 4%, making it possible to buy homes with zero out of pocket expenses. The veteran may also choose to finance the closing costs and pre-paids by agreeing to pay the lender a higher interest rate.
- VA provides very liberal qualifying guidelines, including low credit score requirements.
- VA loans can be assumed by veterans or non-veterans at the original interest rate to include investors and owner-occupants. Anyone assuming the loan must qualify using VA’s underwriting guidelines.
- VA home loan benefits may be used over and over; there is no limit to how many times the veteran can purchase using their home loan benefits.
- VA loans may be refinanced without an appraisal or re-qualification, if the refinance results in lower payments than the Vet previously qualified for.
VA Home Loan Guarantee
Description: VA home loan guarantees are issued to help eligible service members, veterans, reservists, and unmarried surviving spouses obtain homes, condominiums, residential cooperative housing units, manufactured homes, and to refinance loans.
Ohio Heroes Program
Description: The Ohio Housing Finance Agency offers all the benefits of their first-time buyer program to Ohio veterans at a ¼% lower interest rate. To be eligible you must be Active Military, Active Reservist, or veteran first-time home buyer who meets the income and sales price requirements and qualifies for the loan requested. Firefighters, EMTs, Paramedics, Health Care Workers, Police Officers, and teachers also qualify.
I can help you with buying a home using your VA eligibility- contact me today and I’ll make this process as smooth and easy as possible. Just call me at 513-377-1070 or email me at firstname.lastname@example.org