discount points - do va loans include them
TRANSCRIPT
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DISCOUNT POINTS- DO VA LOANS INCLUDE THEM?
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When deciding to buy a home you want to get the best mortgage possible for your circumstances.
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Veterans and service men and women have an advantage in the financing step because they are exclusively eligible for a VA Home Loan.
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The loans are offered by mortgage companies and banks, but the VA guarantees a part of the loan, enabling you to get a loan with better terms than a typical mortgage.
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ELIGIBILITY
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VA loans require you to have adequate income, suitable credit, and a completed valid Certificate of Eligibility to establish that you qualify for the benefits of a VA home loan.
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Lenders ideally prefer that you have a credit score of at least 620, but exceptions can be made with additional stipulations in certain circumstances.
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You must also intend to live in the home as your primary residence. The funds can be used to buy a home, buy and improve a home, purchase a manufactured home or to build a house.
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You do NOT qualify if you have received a dishonorable discharge.
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The service requirements vary based on dates of service and minimum days of active duty required. Specific information regarding eligibility can be found here.
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BENEFITS OF A VA HOME LOAN
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■NO DOWN PAYMENT
Conventional mortgage companies require buyers to put down at least 20% of the purchase price to avoid having to obtain private mortgage insurance or PMI.
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For example, if you are looking at a home for $100,000, you would be required to have $20,000 up front on top of other fees.
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■NO PRIVATE MORTGAGE INSURANCE
PMI ranges from .3 to 1.15% of the total amount of the loan which can add thousands of dollars to the overall cost of the loan.It is paid for the duration of the mortgage.
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Its purpose is to protect the lender from loss, but since the VA guarantees a portion of the loan, borrowers are exempt from the requirement. You’ll build equity in your home much faster without this fee.
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■COMPETITIVE INTEREST RATES
Interest rates are primarily focused on the risk the lender takes by loaning you the money.
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A lower interest rate is always favorable because it requires a lower monthly payment, while an interest rate that has a reduction of as little as .5 or 1% saves thousands of dollars over the life of the loan.
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VA home loans also have discount points, which reduce the interest rate of the loan by making an upfront payment equal to a percentage of the loan’s value.
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This is typically a .25% interest reduction for each point, costing 1% of the overall loan. Points are beneficial if you intend to remain in the home for a while, otherwise, they can be a waste of money and not worth the investment.
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■NO EARLY PAYMENT PENALTIES
A VA home loan ensures that you cannot be penalized if you decide to pay off the loan earlier than the term of the mortgage.
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■CLOSING COSTS ARE REGULATED
They include things such as appraisals, credit report checks, application fees, property taxes, homeowner’s insurance and a VA funding fee…
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…which varies based on your initial down payment, type of service and whether this is your first time getting a VA loan. These also can be paid by the seller if decided during negotiations.
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PROCESS TO GET A VA LOAN
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■Contact a VA-approved lender to begin the paperwork and eligibility screening
■Bring your preapproval letter with you as you look for homes or use a real estate agent who specializes in VA loans
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■Make an offer on the home
■Complete the closing process with appraisals and inspections. The final process involves signing the paperwork, paying the fees and getting your new keys
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Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details call 619-350-1951 or visit the site http://sandiego.valoansforvets.com/
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First Choice Loan Services Inc., DBA FCLS in CA 959 South Coast Drive, #490Costa Mesa, CA 92626Phone: 619-350-1951
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