Veterans Buying a Home
Are you a Veteran or Active Duty? Did you know you might be able to buy a home with no money down?
Have you served in the Army, Air Force, Marines, Navy, Coast Guard or National Guard or Reserves? Or, are you the spouse of someone who did and they are disabled or were paid the ultimate sacrifice serving their country?
To be eligible for a VA (Veteran’s Administration) loan you must meet some basic requirements:
Served 90 consecutive days of active service during wartime or
181 consecutive days during peacetime or
Have more than 6 years service in National Guard or Reserves or
You are the spouse of a service member who has died in the line of duty or as a result of a service related disability
While you don’t need your Certificate of Eligibility (VA form 26-1880) when you start the process of buying a home your loan officer and lender will need this to ensure that you qualify for a VA loan. Your loan officer can guide you through the process while you get pre approved for a loan.
You may also be able to use your eligibility more than once, so you don't have to be a first time home buyer.
You may be able to qualify for a VA loan with credit scores as low as 580 and the maximum you can borrow is 100% of the purchase price. You’ll need money for an appraisal (usually not more than $600) and I can try to negotiate for that to be reimbursed as part of a seller contribution towards your closing costs.
I can also try to negotiate for the seller to pay your closing costs at closing and/or the lender may give you a credit towards your closing in exchange for a slightly higher interest rate, thereby enabling you to get into a home for no money down at all.
There is also a Maryland Mortgage program, for Veterans who are Maryland 1st time home buyers, which can be used for closing costs or to reduce the principal amount of the loan. We can talk more about that when we meet.
Are you ready to get started? Let me guide you through the process. I can refer you to a loan officer who is experienced working with Veterans and their families and help you on your way to owning your first home.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
The Traczyk Team
Remax New Beginnings