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Military Veterans Have Earned Financing Benefits
I want to start by saying: To all the military veterans out there that have sacrificed your time and your personal safety in order to protect my rights and freedoms as a citizen of The United States of America, thank you for your service! It is because of the commitment and bravery of those men and women who have served over the past 240+ years that we now live in the greatest country on earth. My dad served in Vietnam and my brother-in-law served in Bosnia. I have the utmost respect for military families. As a loan officer, I want to make sure that all those who have served have a complete understanding of the VA loan benefits that are available to them.
VA offers fixed rate loans with terms ranging from 10 to 30 years, as well as Adjustable Rate Mortgages (ARMs). Additionally, VA offers renovation loans which enable veterans to buy an existing property and renovate the home. The best benefit of a VA loan is that in most cases, you can receive 100% financing! Further more, up to 4% of the sale price of the home can be used to pay closing and other costs. Therefore, it’s completely possible for the veteran to close on their newly purchased home with zero money out of pocket. That’s great news to the first-time buyer who does not have cash immediately available for the down payment or closing costs they would usually need to buy a home.
As a final point, VA collects a funding fee at closing, which helps to guarantee the loan. The financed loan amount will include this fee, which goes into a pool that the VA uses to pay off loans that default. All veterans who get a VA loan pay this fee, which is based on a sliding scale. VA may waive funding fee in its entirety for eligible disabled Veterans.
If you are a veteran and you are currently looking to buy or refinance your current home, please contact me. It would be my pleasure to help guide you through the VA loan process.
Lastly, thanks again for your service and God bless the United States of America.
Compass Mortgage, LLC
Steve Ledford brings nearly 15 years of mortgage, banking and real estate experience to Compass Mortgage. A Lakeland native, Steve’s understanding and expertise in the Central Florida real estate and business markets is a valuable asset to the Compass team. His work ethic and dedication to his clients ensure that every borrower he works with is not only a client for life, but a friend. Steve received his B.S. in business from the University of South Florida. When it’s time to relax, he enjoys spending time with his family, playing music in a band, traveling and tailgating at USF football games.