Moises Cosme's Blog
We all know that buying a home is expensive. For first-time buyers who don’t have the luxury of equity for a down payment, it can be difficult to find a way to finance your home without taking on a huge interest rate and mortgage insurance.
Fortunately, loan programs like those offered by the U.S. Veterans Affairs can be a godsend. However, there is a great deal of confusion around who is eligible for VA loans and how to acquire them.
So, in today’s post, we’re going to cover some of the frequently asked questions of VA loans. That way, you can feel confident in knowing whether or not it’s a good financing option for you and your family.
VA Loans FAQ
Who is eligible for a VA Loan?
VA loans aren’t just for veterans. Most members of the military, including Reserve and National Guard members can apply. Additionally, spouses of service members who died from a service-related disability and those who died on active duty can apply as well.
How long do you have to service to be eligible?
The VA defines eligibility as having served no less than 90 days of service during wartime and 181 days of continuous service during peacetime.
Who are VA Loans offered by?
Like any other loan, VA loans are offered by private lenders. The difference is that VA loans are guaranteed by the government. That means that the federal government takes on some of the risk of lending to you, therefore making it possible to secure a loan with little or no down payment.
Should I make a down payment on a VA loan?
If you have the means, making a down payment will almost certainly save you money in the long run. If you can put down 10% of your total mortgage amount, you can also significantly reduce the VA Funding Fee.
Will I have to pay private mortgage insurance?
Private mortgage insurance (PMI) is something that borrowers pay on top of their mortgage payments and interest. This additional insurance helps borrowers buy a home with a small down payment. VA loans allow you to secure a mortgage without PMI.
Are VA loans different for active duty, National Guard, and Army Reserve members?
Each type of service member is eligible for a VA loan. However, there are some minor differences regarding the VA Funding Fee. With no down payment, an active duty member would pay 2.15% of the loan amount in fees. National Guard and Army Reserve members pay around 2.40% with no down payment.
What does my credit score need to be to get a VA loan?
The VA doesn’t have a set minimum credit score. However, the private lenders that offer the loan do. On average, the lowest credit score that you can secure a VA loan with is around 620. That being said, a higher score will secure you a lower interest rate, saving you money over the lifetime of your loan.
43 Harlem St, Worcester, MA 01610
There is no surefire formula to craft the perfect home listing. Instead, a seller must allocate the necessary time and resources to ensure a listing hits the mark with buyers. If a seller fails to do so, this individual may struggle to stir up interest in his or her home. Perhaps worst of all, this seller's home may linger on the real estate market for an extended period of time.
Ultimately, there are lots of things a seller can do to craft an engaging and informative home listing. These include:
1. Focus on the Positives
Think about why a buyer may consider your house over other available properties. Then, you'll be better equipped than ever before to highlight your home's positive aspects in your listing.
It may be beneficial to consider what makes your house unique as well. If you include details that show buyers why your home is a one-of-a-kind residence, you may be able to increase the likelihood that buyers will want to view your house in-person.
2. Provide Accurate Information
There is no reason to stretch the truth in your home listing. In fact, doing so may actually slow down the home selling process. But if you include accurate information about your residence in your listing, a buyer can use your listing to determine if your house is the right choice based on his or her individual needs.
When it comes to crafting an effective home listing, a straightforward approach is ideal. Thus, avoiding jargon is crucial, particularly if you want your listing to make a positive impression on buyers.
3. Include High-Resolution Images
Although your listing may include great information about your house, you may want to incorporate high-resolution images of your residence into your listing. That way, you can show buyers the true beauty of your house.
Of course, before you take photos of your home's interior and exterior, you should perform house cleaning and maintenance. Because if you incorporate photos into your listing that portray your house in a negative light, it may be difficult to generate interest in your residence.
For those who require extra help as they put together a home listing, working with a real estate agent may be a good idea. A real estate agent is a house selling expert who can help you create a listing that matches your expectations.
Typically, a real estate agent will meet with a home seller and learn about this individual's property selling goals. He or she next will help a seller craft a listing. Finally, when a listing is ready, a real estate agent will add a seller's residence to the housing market and promote the home to buyers.
To achieve the best-possible results during the home selling journey, it helps to craft a listing that is easy to understand and provides valuable information about a house. Thanks to the aforementioned tips, you can create a home listing that may help you garner interest in your residence as soon as it becomes available.
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