The Under Utilized ... The VA Home Loan


What is a Veteran?

A Veteran - whether active duty, discharged, retired, or reserve ...

is someone who at one point in their life, wrote a blank

check payable to "The United States of America", for an amount 

of "up to and including his or her life."


I recently attended a continuing education class about VA Loans and was quite impressed with what I heard. It is an amazing loan benefit which is completely under utilized by our Veterans. Why?  Unfortunately, because they do not know about it, another shocker for me.

From January 2015 to 2016, VA Home Loans closed at a higher percentage rate than Agency Conventional and FHA Loans, even though VA Loans had lower credit scores by 45 points and a high loan to value ratio. 

Today in Massachusetts, only 5% of the Veterans use their benefits. I have teamed up with the mortgage lender who hosted this class to help get the word out.  We will be organizing an event in the near future to better inform the Veterans and their families about this loan product, and what they need to do to get moving.

A few facts to know:

Credit Scores can be as low as 580
VA Home Loans guarantee 25% of loan
Debt to income ratios as high as 55% with compensating factors
Typically requires 12 months of employment
Do no require down payments

No monthly PMI (private mortgage insurance 
Are assumable loans for other qualified veterans wishing to assume the home and the mortgage obligation
Underwriting criteria is more lenient
100% Financing
VA Home Loan limits in Essex, Middlesex, Suffolk, Norfolk and Plymouth Counties - $598,000

It is the best loan product on the market today. This is just a snap-shot of the unique criteria this loan product offers. Please reach out to me if you would like further information and how I can help you find a house you can call home.