Connecticut Veteran Mortgage Loan Facts

Posted on September 28, 2017 · Posted in Connecticut Veteran Mortgage

Fact #1: VA home loans can be used to purchase foreclosed and short-sales with as little as no money down.  VA-eligible borrowers may have an advantage over those who need up to 20% cash down to qualify for conventional loans.  A VA appraiser is trained to certify value and safety and can spot red flags of distressed properties.

 

Fact #2: Veterans, active duty and certain surviving spouses are eligible for VA home loan benefits. Qualified surviving spouses may borrow up to $417,000 (more in high-cost counties) with no money down.  And, surviving spouses are exempt from paying the VA funding fee.

 

Fact #3:  Military members deployed overseas can sign a document called power of attorney or (POA) designating a spouse or someone else to act as on their behalf for a VA loan transaction.  The POA grants permission for the attorney in fact to sign on behalf of the VA-eligible borrower.  The service member must give intent to obtain a VA loan through an email, letter or other correspondence. Only a spouse can satisfy the occupancy rule (move in within 60 days of closing) in a deployed serviceperson’s stead.  Otherwise, the borrower serving away from home will be granted an extension of up to 12 months to occupy the home.

 

Fact #4: If a lender is specialized in VA home loans, then closing can often happen within 30 days.  The VA-approved lender is given flexibility to decide on its own whether a borrower is a satisfactory credit risk.  Even a borrower with extenuating circumstances may close quickly.

 

For more information on Veteran Loans please contact me today and I can help you with your mortgage process.

 

Thanks,

 

craig picCraig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS  398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com