A Word About VA Loans

 

Buying Real Estate Property in JBLM Fort Lewis. A VA home loan is a popular mortgage choice for eligible veterans who wish to purchase a home with NO down payment.  Although the Veteran’s Administration charges a VA funding fee to cover costs to guarantee the loan to the lender, that fee can be added into the mortgage, which keeps up-front costs to a minimum.  Since the fee is amortized over the life of the loan it has a very negligible impact on the borrower’s monthly payment.  If a borrower chooses to make a down payment on a VA loan there are provisions which reduce the amount of the funding fee..

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If a veteran plans to make a down payment or has used his/her VA eligibility in the past and it is tied up in another property, FHA and conventional loan programs may also provide viable financing options.  A mortgage professional can help you determine which program is best suited to your personal circumstances.  It is wise to request comparisons on the loan programs for which you are eligible.

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Military Members will need a Military Statement of Service Document when applying for a VA loan. Call or email Phil for more information on Military Statement of Service, home buying or best practices in looking for a home loan. 360-970-9977.