VA Loans Cut Costs For Homeowners & First Time Buyers

VA Loans Cut Costs For Homeowners & First Time Buyers

If you are a home owner or want to become a home owner, VA home loan centers can provide you with an easy and affordable solution to VA loans and other government guaranteed loan products. Why are VA loans better for the consumer? For one, there is a cap on borrower paid closing costs. In fact, if you structure the transaction right, you can have the seller pay for all of your closing costs. For another, there is no down payment required. Most loans require a down payment. VA loans do not have a down payment requirement.Home buyers will save money with VA loans because they do not have to put money down on a house. There is even a way to structure the transaction where out-of-pocket money from you is even refunded at the end of the transaction (also called a VA NO/ NO). This is one of the biggest benefits that many people using a VA home loan have found. They love being able to save money when buying a home to use for other things inside the home. If the home is already purchased, a VA mortgage can also help pay for some home repairs.The closing costs are close to nothing, and can be paid completley by the seller of the home. The reason for this is that the law specifically limits the buyers costs. Usually the seller will pick up any and all closing costs on the house when purchasing the home using VA loans. Depending on the offer price, the seller assumes all charges for the closing costs, which they can then recoup from the VA home loan. Of course, if the closing costs are higher than what the seller anticipated or can afford, the buyer might be responsible for some of the fees out of pocket. The VA loan officer can let you know whether or not your closing costs can be rolled into the loan or paid by the seller.What exactly do the closing costs include when purchasing VA homes? The closing costs include the first mortgage payment from the buyer, the pro-rated property taxes (which can also be brought down throughout the years using the STAR program for qualified individuals), pro-rated home owners' insurance (for which the buyer chooses the company, though it must be approved by the VA office with the proper documentation from the insurance company), escrow fees from the home, title fees from transferring the deed from one owner to the next, transfer taxes that might not have been paid by the previous owner, and any other charges that might occur during the course of closing.Buying a home should be an exciting and rewarding experience. If you can qualify for a VA loan when you apply, the experience will be more enjoyable for both buyer and seller during the entire transaction. The VA loan officer can help with any questions you might have during the process and they will also walk you through each and every step. Take the next step and apply for a VA loan rather than a traditional (conventional) loan today.

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