Home Loans for Military Members and Veterans:
WSJ – Aug 14, 2014 – Active military and veterans can get jumbo home loans guaranteed by the VA. Interest rates are competitive, down payment requirements are much lower, and private mortgage insurance is waived.
VA home loans are available through banks and other private lenders. As with other mortgages, interest rates of VA-guaranteed loans can be either fixed or adjustable, depending on the lender. Down payments are low, if required at all. Private mortgage insurance requirements are waived as well. The loans can be used only on primary residences and not on secondary or vacation homes.
Still, many veterans don’t know about the mortgage benefit, much less that they can use it to buy a luxury home, says Chris Birk, director of education at Veterans United. Only 68.2% of veterans were found to be aware of the home-loan guaranty program in a 2010 VA national survey.
Over the summer, Veterans United launched an awareness campaign in Honolulu, a popular area for veterans, where the median home price is $700,000, says Tony Dias, the company’s Honolulu branch manager. Separately, Joe Rogers, executive vice president at Wells Fargo Home Mortgage, says its loan officers across the country are being trained to first ask clients, “Are you a veteran?” Wells Fargo was the largest lender of VA-guaranteed loans in fiscal year 2013, with a total volume of $16.8 billion, Mr. Rogers said.
For more information, please contact Regina Singh at Regina@ReginaSingh.com or 714-883-5205