Veterans

 

EGA Veteran Friendly Homes A designated EGA Friendly homes allows Veterans to use VA Loans to purchase real estate. Our Agents are EGA Friendly as well and are familiar with VA loan requirements. If your home is identified as EGA Friendly, we will market your property with a Veteran Friendly sign rider. 

Ask about our EGA Friendly program for your home today!

VETERAN BUYERS
If you are not familiar with a VA loan, it is a mortgage loan program established by the United States Department of Veterans Affairs to help Veterans and their families obtain home financing. VA loans offer up to 100% financing on the value of a home. They were established in 1944 and since helped over 20 million Veterans and families get into an affordable home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender.At EGA Homes, we not only assist Veterans, we are Veterans. We are one of the only Veteran Certified real estate brokerage in Southern California, we know exactly how to guide you in this process.

Related reading > ” Veteran Home Ownership in 4 Easy Steps!”

If you are a military home buyer, VA loans represent some of the most powerful lending opportunities on the market. They are flexible, and require no-down payment, offering a unique advantage that few other home buyers on the market can get. However, it’s important that Veterans stay up to date on the latest benefits and fully take advantage of these opportunities, if it is right for you and your family.


How do I know if I am Eligible? You may be eligible if you meet one or more of the following requirements!

  • Served 90 consecutive days of active service during wartime
  • Served 181 days of active service during peacetime
  • You have more than 6 years of service in the National Guard or Reserves
  • 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



Questions about your qualifications? Contact EGA Homes today!


WHAT CAN I AFFORD WITH A VA LOAN?
You have no threshold required to get a VA loan, but you need to have stable and reliable income to get qualified. Having enough money to cover things outside of your mortgage is important. People that use VA loans are less likely to fall into foreclosure due to these standards of qualifications. This means you can feel safe about your home purchase through a VA loan if you qualify and are accepted.


ZERO MONEY DOWN
A VA loan holds a number of advantages over a traditional mortgage. 

  1. 0% Down – It’s one of the last 0% down options on the market today. A traditional mortgage can require 5,10, or even 20 percent down. The amount of savings can be huge
  2. No PMI (private mortgage insurance) PMI is required for most other loans with less than 20% down-this can save you up to $100+ per month on your monthly payment
  3. Easy Qualification-Since the loan is backed by the US government, banks will assume less risk from you
  4. No Pre-Payment Penalty-Pay off your home loan at any time without a penalty




Step 1: Pre-Qualify

This step is important to getting the process started. All you need to do is get in contact with our VA Loan specialist and fill out a quick contact form. Once this process is complete we will reach out to you and find out how we can best serve you through information you tell us.

Step 2: Pre-Approved

At this stage we will work on getting you the necessary documents needed to get approved. Don’t worry, this process sounds like a lot of work, but we make sure it goes very smoothly.

Step 3: Get an Agent, find a home!

You now will work with an Agent (yes, it makes sense to still use an agent today) who knows the local community as well as the power of teamwork, integrity, and purpose.  The teamwork principles seen in the military carry over to our work on a daily basis.

Step 4: Make an Offer

Once you find the best home for your needs, it’s time to make an offer. Since you are using a VA loan, you will be paying no money down!

Step 5: Closing

Once you have picked your home, the VA requires the home to have an appraisal. Your Loan officer will order the appraisal of you.  When the loan gets approved, we will coordinate signing of loan documents and finalize the VA loan to take ownership of your new home.

Here’s what service members need to know:
Think you understand what a VA loan is? Chris Birk, author of “The Book on VA Loans” gives 10 unique rules and quirks about VA loans.

  1. They’re reusable. You can use your full VA entitlement over and over again as long as you pay off the loan each time. But you may be able to obtain another VA loan even if you’ve lost one to foreclosure or currently have one.
  2. They’re only for certain types of homes. If you’re planning to buy a working farm, a downtown deli or a fixer-upper, the VA loan may not be for you. It’s mainly designed for properties in “move-in ready” condition, including single-family homes, condos, modular housing, some multi-unit properties and more.
  3. They’re for primary residences only. Don’t bother trying to use your VA loan benefits to buy an investment property or a vacation home in the Poconos. VA loans are for primary residences, with few exceptions.
  4. They’re not issued by the VA. The VA isn’t in the business of issuing home loans. Instead, the agency provides a guaranty on each qualified mortgage loan.
  5. But they’re guaranteed by the government. If you have a VA entitlement, the agency typically guarantees up to a quarter of the loan amount. The guaranty gives lenders confidence and helps service members secure great terms and rates.
  6. They’re available despite foreclosure or bankruptcy. Service members with a history of bankruptcy or foreclosure can secure a VA loan. Even borrowers who have had a VA loan foreclosed on can still utilize their VA loan benefit.
  7. They don’t have mortgage insurance. Mortgage insurance is a monthly fee you pay with other programs when you’re not putting at least 20 percent down. The VA’s guaranty eliminates the need for any mortgage insurance or mortgage insurance premium, helping borrowers save even more money each month.
  8. They come with a mandatory fee. There’s no mortgage insurance with VA loans, but there is the VA Funding Fee. This fee (usually about 2 percent of the loan amount) helps the VA keep the program going and is required on both purchase and refinance loans. It can be rolled into the loan amount and waived entirely for those with service-connected disabilities.
  9. They have limits on co-borrowers. Some loan programs let you get a loan with just about anybody. That’s not the VA loan program. Having a co-borrower who isn’t your spouse or another veteran with VA loan entitlement who will live in the home with you will require a down payment. Not every VA lender offers these types of joint loans (Veterans United does).
  10. They don’t have a prepayment penalty. You can make extra payments any time you want, saving you a boatload in interest over the life of your loan. You can even structure your payments to automatically deduct a little extra every month. Just an extra $100 per month can shave years and tens of thousands of dollars from the balance.