The U.S. Department of Veterans Affairs helps service members, veterans, and eligible surviving spouse to become homeowners.
HERE IS WHAT THAT MEANS:
The V.A. will guarantee a certain portion of the loans that are granted by private banks and mortgage companies for those listed above. The eligibility of these programs depends on your length of service, service commitment, duty status and character of service. You must a have served for a minimum of 3 months on active duty during war time or 181 days on active duty during peacetime.
HERE IS WHAT YOUR BENEFITS COULD BE:
1- No down payment: with a VA loan a qualified borrower might be able to finance 100% of the homes value without taking any money out of pocket
2- No private mortgage insurance ( PMI ) this would be required with less than 20% down on the purchase price. Because theses loans are guaranteed by the government, veterans could potentially save thousands on their mortgage.
3- A competitive interest rate is available. In most cases a mortgage through the veteran program comes with an interest rate 0.0375 % lower than one through SONYMA. Again, possibly saving thousands over the life of the loan.
For more information on whether or not one of these programs could work for you visit one of the sites below or contact one of the numbers provided
I got into real estate sales by accident in 2006. At the time, I recently earned a Bachelor's Degree in Economics from Lehman College in The Bronx. I had a very entrepreneurial mind and was ready to make my mark in the real estate world. I immediately purchased three multi-family houses in Binghamton, NY. They where fully occupied, however, the manner in which they were being run was not up to par. My brother helped me renovate several units, I let several tenants go and began renting primarily to Binghamton University students. After that, I hired a manager and was on my way.
Without question my favorite part of the business is working with first time buyers. In many cases it is much easier working with clients that have previously bought or sold, however, these transactions can lack enthusiasm. Buyers that have purchased before understand the lengthy process and usually know what's coming next. The first time buyer tends to be younger and has no idea of what to expect. They depend on my guidance and advice right through closing. They embrace challenges with a nervous yet positive outlook and every showing is an adventure. On the other hand, it's rather upsetting when a relationship builds with these clients for several months and comes to a sudden halt after a successful closing. I keep in touch of course with all of my clients but a hello every now and then is quite different than the four days a week contact over a several month period.