VA Loans

Did you know that Active Members of the Military as well as Veterans can qualify for VA loans that finance 100% of the purchase price of a new home.  This does not mean that all of the buyer's costs are covered, however. Rather, it means that the purchase price of the home will be included in the loan. There are additional closing costs including recording fees, title preparation, prorated taxes, etc, that can add up to anywhere between 2 and 6% of the total purchase price. The VA may add an additional 1% fee to those closing costs. Buyers can ask sellers for concessions at closing to cover those closing costs.

In other words, a VA buyer who has identified a home priced at $192,000 might offer the seller $200,000 and then ask for the $8000 (@6%) back at closing in order to cover the purchase price and the closing costs.

Additionally, Active Duty members of the Military, Foreign Service, and Diplomatic core, who were overseas last year may still qualify for the Federal Homebuyer's Tax Credit.

All of these details can be confusing and overwhelming, so please contact a mortgage broker to find out what the best programs are for you to buy a home today.

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