June 30th, 2019 1:52 AM by Eric Willner
Radio Show Notes 6/26/19 Wednesday- VA Loans Are A Great Benefit for Veterans and a Secret Wealth Builder Too!
By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate
VA Loans Are A Great Benefit for Veterans and a Secret Wealth Builder Too! I want to tell you about that down below, but first, this loan was very newsworthy this month and celebrated some very important events this month
Earlier this month, more than 100 industry stakeholders and governments officials gathered in Washington, DC, to commemorate the 75th Anniversary of the GI Bill. Since being signed into law by President Franklin D. Roosevelt in 1944, the GI Bill's VA Home Loan Guaranty Program has given millions of American service members the chance to own a home – affordably. 24 million, to be exact, and growing!
While celebrating its 75th anniversary, the VA loan program also backed its 24 millionth home loan in 2019. The recipient was Army Sgt. 1 st Class William Kopf, an Active Guard Reserve Soldier who turned to his home loan benefit for the third time after service requirements necessitated a move from Utah to Northeastern Pennsylvania. Realtors® Marilou Saar and Joni McKenna were in attendance Wednesday as the agents who helped make the 24 millionth transaction possible.
"When you're deployed, you're not thinking about your next life steps; you're not worried about a loan, you're not worried about a home. You're worried about that day's mission and the wellbeing of the troops," Sgt. Kopf said. "But when you are [back home] and you're trying to make that transition to the next part of your life, that's where the VA comes in - and that's where you need them the most. Knowing the VA has our back and that we can enjoy the American Dream is absolutely something special, and it's been a relief to my family.
"The GI Bill has positively impacted millions of men and women through education, medical funding and home loans," Secretary Carson said. "It is through this area that HUD is proud to have made such a profound impact in the lives of our nation's veterans. And while the tremendous debt we owe to our brothers and sisters in arms may never be fully repaid, we can and will do everything in our power to leverage the GI Bill and HUD's programs to provide affordable housing for all Americans."
Upping the ante, the Blue Water Navy Vietnam Veterans Act was signed into law by President Trump. H.R. 299, which eliminates the cap on home loans issued by the Department of Veterans Affairs, and was unanimously passed by the Senate earlier this month.
The VA home loan guarantee program encourages private lenders to offer favorable home loan terms to qualified veterans without requiring a down payment. It has helped raise veteran homeownership rates to over 75 percent – much higher than the national average.
About VA Loans and how they work
How it works is, VA guaranteed loans are made by private lenders, such as banks, savings & loans, 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 the veteran or a later owner fails to repay the loan.
Before you can apply for a VA loan, you must prove you are eligible. Applicants must get a Certificate of Eligibility (COE). Eligible service members, veterans and spouse must meet one of the following criteria: You've served 181 days of service during peacetime.
The VA does not require minimum credit scores, but most VA lenders do use credit score benchmarks. Applicants with scores below a lender's benchmark usually can't be approved for VA financing. That minimum will vary from lender to lender, but most VA-approved lenders are looking for a credit score of at least 620.
The maximum VA loan guarantee varies by county. As of 1 January 2019, the maximum VA loan amount with no down payment is usually $484,350, although this amount may rise to as much as $726,525 in certain specified "high-cost counties."
Today, I wanted to celebrate the VA loan for what it has DONE. Next I am going to show you the great things that you can DO with the VA loan. Stay tuned!
So if you are serious about real estate, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.
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Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.
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