Greetings,
I am forever grateful to those who have and are serving our country in the military. My father, Otto, and my father-in-law, Al, both served our country and I give thanks that they responded to the call. We can never repay those who have and are serving.
So I wish to share with you the Veterans Administration Home Loan information in the event you have a military family member that needs help with financing. Matt Polsky of the VA Mortgage Center was kind enough to provide some highlights.
VA Home Loans for Wisconsin Service Members
Congress created the VA Home Loan Guaranty program in 1945 to help veterans buy a home upon returning from World War II. Today, service members and veterans still use the program to purchase their dream houses. More than 19 million men and women have used a VA loan to have a place to call home. Wisconsin has seen its fair share of home buyers using VA loans because of their financial benefits.
By making Wisconsin VA loans accessible, service members and veterans can more easily purchase a home. The VA increases accessibility by having flexible qualifying standards. For instance, the VA has no credit score requirement, only VA-certified lenders do. According to VA Mortgage Center, they do not expect perfect credit, due to frequent moves and deployments, and instead look for scores near the 620 mark.
Furthermore some military home buyers have attained a VA loan in Wisconsin with a bankruptcy or foreclosure in their past. These scars in financial history do not immediately disqualify VA loan applicants. Neither does a high debt-to-income (DTI) ratio. Lenders allow DTI ratios as high as 41 percent; however, lower DTI ratios and higher credit scores usually mean better interest rates.
The VA also designed the program to make sure almost all veterans and service members are eligible for the program. As long as a veteran earned a discharge that was not dishonorable, he or she is most likely eligible. Serving on active duty for 90 days during wartime or 181 days during peacetime, may make a service member eligible. National Guard members and Reservists who served for at least six years may be eligible, as may spouses of fallen service members.
Plenty of benefits make Wisconsin VA loans worthwhile. For one thing, unlike any conventional loan, VA loans come with no down payment to qualified home buyers. In Wisconsin, that means military home buyers could fully finance a home worth as much as $417,000. Other perks save money in the short- and long-run:
-Lower closing and concession costs
-Home buyers are not penalized for prepayment
-Private mortgage insurance (PMI) does not exist in VA loans
-Interest rates are negotiable, and for active-duty home buyers they’re capped
-Home buyers approaching default get counseling and new financing options
-Refinancing options allow home buyers to cash out or lower interest rates ]
All it takes to get started toward earning a Wisconsin VA loan is filling out a Certificate of Eligibility (COE). These simple forms are available from the VA or through a VA-certified lender. More information about VA loans in Wisconsin is available from such lenders.
Thank you Veterans and those currently serving. Have a great weekend and remember:
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
715-699-4040
nathan@garynathan.com
www.garynathan.com
