Purchasing a Lehigh Valley Home with a VA (Veteran's Administration) Home Loan
Are you a Veteran looking to purchase a Home in the Lehigh Valley? If you are eligible for a VA Home Loan, you have the ability to borrow up to $417,000 towards a home purchase (depending on your qualifications).
In addition, a VA Home Loan allows you to purchase a home with No Money Down. As a current or former member of our armed services, you can probably buy a house NOW!
Sometimes, you may hear a VA Home Loan referred to as a Military Home Loan. You do not have to be a veteran to get a VA loan. Active Duty members may also qualify.
Because the government backs the mortgage, there is no PMI (principle mortgage insurance). The rates are competitive and the debt and income limits are slightly relaxed.
Although No Down Payment is required, you may still have to pay certain fees associated with the Closing Costs (insurance, property inspection...etc).
A Lehigh Valley Home Seller may consider a VA Home Loan a negative because the VA requires an inspection of the home. This Inspection is independent of any other inspections (property, certificate of occupancy) and is considered a safety inspection. If the VA Inspection determines repairs are needed the repairs MUST be completed prior to closing.
To Qualify for a VA Home Loan, you must get a Certificate of Eligibility. Visit http://www.homeloans.va.gov/ for more information about obtaining your certificate.
Contact me for more information about purchasing and financing a home using a VA Home Loan.