{"id":5529,"date":"2018-07-26T18:49:39","date_gmt":"2018-07-27T01:49:39","guid":{"rendered":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/?p=5529"},"modified":"2018-07-26T18:49:39","modified_gmt":"2018-07-27T01:49:39","slug":"weekend-real-estate-saluting-and-supporting-our-veteran-clients-the-benefits-of-using-the-va-loan","status":"publish","type":"post","link":"https:\/\/www.arizonafoothillsmagazine.com\/in-house\/in-house-news\/weekend-real-estate-saluting-and-supporting-our-veteran-clients-the-benefits-of-using-the-va-loan","title":{"rendered":"Weekend Real Estate: Saluting and Supporting our Veteran Clients \u2013 The Benefits of Using the VA Loan"},"content":{"rendered":"

This week, top-producing real estate sales consultant Kevin Trovini of\u00a0<\/em>The Jason Mitchell Group<\/em><\/a>\u00a0explains the benefits of using the VA loan for vets looking to purchase their next home.\u00a0<\/em><\/p>\n

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Kevin Trovini, The Jason Mitchell Group<\/figcaption><\/figure>\n

I am sure that you have heard the old adage that \u201cThe only constant is change\u201d. Well, the real estate profession is no stranger to change, and with changes all around us, it is important to know the \u201cins and outs\u201d of the VA loan process as it pertains to our Veteran community.<\/p>\n

This article is intended to offer a basic overview of the VA loan, to educate and inform both novice Realtors and Veterans alike, and to point out a few specific key points to assist the Veteran who is considering using this benefit to purchase their next home.<\/p>\n

I have a sense of obligation to provide outstanding support and services to all of my clients, and as a 20 year Veteran of the US Air Force and US Navy, I have a special sense of giving back to my fellow Veterans \u2013 my Brothers and Sisters in Arms – and helping them to secure the best \u201cdeal\u201d possible for their next home purchase, and to provide them with all the pertinent information they need to know in order to accurately use and maximize the value of their VA loan benefit.<\/p>\n

So, let\u2019s start off by gaining an understanding of what the VA loan is. The VA\u00a0guaranteed\u00a0loans are made by private lenders, such as banks, savings &\u00a0loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the\u00a0loan. Generally, all\u00a0Veterans\u00a0using the\u00a0VA\u00a0Home Loan Guaranty\u00a0benefit\u00a0must\u00a0pay\u00a0an upfront, one-time payment called the VA funding fee. This reduces the loan’s cost to taxpayers considering that a\u00a0VA\u00a0loan requires no down\u00a0payment\u00a0and has no monthly\u00a0mortgage insurance. This fee is a percentage based on the loan amount. VA home loan applicants can pay all or part of the fee in cash, or\u00a0wrap it into the loan amount to reduce out-of-pocket expenses.<\/p>\n

Although a down payment is not required on\u00a0VA loans, the veteran has to\u00a0pay\u00a0for closing costs, or receive enough seller or lender credits to cover them.\u00a0VA loan closing costs\u00a0average around 1% \u2013 3% of the\u00a0loan\u00a0amount.<\/p>\n

The termite inspection, which had previously been paid for by the seller, is now paid by the Veteran.<\/p>\n

Here are a few other key terms and\/or <\/u>benefits and savings for the Veteran: <\/u><\/p>\n