Today I had a quick bite to eat with a Chris Bettis, Loan Officer/ Owner of Fluent Mortgage in Eugene, Oregon. He had some quick statists that really perked my interest and my desire to help more Veterans in our local area.
- There are an estimated 317,000 veterans, which make up just over 8 percent of the state’s 3.9 million people.
- About 152,000 servicemen and women from Oregon served during World War II, and 123,000 during Vietnam.
As a young military veteran I was curious how to go about using my VA loan. After all, it is a benefit that we all received for serving our country yet few of us use this huge benefit. Looking thru national statistics I found the following: More than 21 million Veterans and Servicemembers live in the U.S. today, but only about 6 percent of them bought a home using a VA home loan in the past five years.
Chris thought one reason for this might be because some Veterans just don’t know how great of a benefit this is. Maybe lenders are pushing other products on Veterans rather than understanding and explaining this amazing program.
If you are a veteran this is one benefit you don’t want to shy away from!
Here are a couple things that you might not have known about VA loans.
- No down payment is required and no mortgage insurance
- You can use your benefit time and time again- pay one house off… buy another (as long as it is your new primary residence)
- Your benefit never ever expires! Don’t think because your older you can’t use this program.
- Surviving spouses may be eligible to use their loved ones benefit
- VA loan rates are super low right now!
- Unlike many loan programs, a lower credit score, bankruptcy or foreclosure does not disqualify you from a VA home loan.
- VA Funding Fees may be waived. Disabled Veterans who are receiving compensation for a service-connected disability are exempt. Likewise, Veterans who are eligible for disability compensation, but are receiving retirement or active duty pay instead, are also exempt from the fee.
- You can buy many types of properties with a VA loan, including a single-family (free-standing) home, a home of up to four units, and even manufactured homes. But condominiums are commonly overlooked by VA home buyers.
- Even homeowners without a VA loan can use a VA refinance. The VA cash-out loan is available to eligible Veterans who don’t have a VA loan currently. As its name suggests, a VA cash-out refinance can be used to turn your home’s equity into cash. You simply take out a bigger loan than what you currently owe. The difference is issued to you at closing.
If you have any questions about the VA loan or how to go about getting starting with the home buying or selling process, please give me a call today. I would love to hear from you and share my knowledge. 541-736-6314- Arica Mitchell