HOMEOWNERSHIP 101

Is Homeownership Right for You?

This week and next week we are going to focus on homeownership and how the VA can assist you with your needs.  Today, I am just sharing a high-level overview of the various types of homeowner programs offered by the VA.  Tomorrow we will focus on eligibility requirements.

The VA will provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.

VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

Purchase Loans help you purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance. Please know that just because you don’t have to pay a down payment does not mean you won’t need any money at closing.

Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.

Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.

Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan.

Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability.

Today I’m going to keep it short because I’m giving you a chance to rest up before we really dig in on tomorrow.

As always, thank you for your support. TTYL – Be blessed!!