VA Mortgages

Yesterday was Veteran's Day, so I thought that it would be very appropriate to post a blog on one of the few benefits that our Veterans are entitled to both while serving our country and after they are discharged, a VA Mortgages.? A VA Mortgage is a benefit that is available to all our Veterans, and a benefit that those of us in the Real Estate and Lending Industries need to make them aware of.

These men and women have bravely served our country, and received very little in return for putting their lives on the line, so that we back home can enjoy the freedoms that we have been blessed with. Aside from the pride of knowing that they are protecting our freedom, and hoping to extend the same to others around the world, there is very little else that they return back home with.

The number of our young men and women serving overseas has continued to grow in recent years.? Upon their return they will be looking to once again establish themselves the the communities that they will be returning to. This means that many of them will be looking to purchase a home that they can settle in and raise their families.? A VA Mortgage can assist our Veterans in making that transition.?

VA Mortgages provide our Veterans with advantages that other Mortgage programs do not have.? Below is a brief description of those advantages, and what the Veteran will need to provide when they apply.

VA Mortgage benefits for a Veteran:

• No down payment
• No PMI
  
• Loan amounts up to $417,000
• Assumable mortgages

Those who are eligible:

• Honorably discharged
  
• Widow/widower of eligible service member or spouse of an MIA or POW
  
• Wartime service ? a minimum of 90 days active duty
  
• Peacetime periods ? 181 days of continuous active duty
  
• Actively in service or a valid VA Form DD214
• Have certificate of eligibility

VA Mortgages can also be combined with State Bonded Loan Programs like Connecticut Housing Finance (CHFA) here in Connecticut. If a Veteran is a First Time Homebuyer, they can do a CHFA/VA loan, in which they can combined all the advantages of a VA Mortgage with the below market interest rates that CHFA offers. In fact CHFA reduces their already low rate to Veterans by an additional .125%.

On this Veteran's Day let?s all do our job and honor our Veterans by making sure that they are aware of and utilize everything that they are entitled to, they have more than deserved it.

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?Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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Source: http://activerain.com/blogsview/3513471/va-mortgages

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