Listen to the full episode here:
Do you want to know the golden ticket for veterans dreaming of homeownership? Dive deep into the unbeatable benefits of VA loans!
In this episode, Richard discusses the advantages of VA home loans. He’ll talk about the lower interest rate than conventional loans, no down payment requirement, and higher approval rate than other loans. Richard will also cover the ability to buy a property with no money down and refinance without having to qualify again. Plus, he’ll review the median FICO score for a borrower, average loan amount, and more.
Tune in now for everything you need to know about VA home loans!
[00:01 – 04:31] VA Loans: A Powerful Tool for Veterans with Lower Interest Rates and Higher Approval Rates
- Richard shares the pros of VA loans
- VA loans have lower interest rates than conventional loans
- VA loans have a higher approval rate than conventional loans
- VA loans have a zero down payment feature
- No private mortgage insurance is required on VA loans
[04:32 – 11:04] Put Nothing Down and Build Wealth with Real Estate
- VA home loan allows you to buy a property with no money down
- After 12 months, you can refinance the home into a conventional loan and restore entitlement to use on your next purchase
- VA loans allow for an Interest Rate Reduction Loan (ERL) which does not require an appraisal, income, or assets
- The median FICO score for a VA home loan is 736, with median household income of $90,000 and an average loan amount of $344,000
[11:05 – 11:37] Closing Segment
“Underwriters are encouraged to consider every possible appropriate factor in seeking a proper basis for approving loan applications for every qualified veteran that is specifically written in the guidelines for VA.” – Richard Sarey
“The veteran has earned the right to put nothing down. They may have money to put down, but they don’t have to. It’s zero down. That’s the feature. That’s the benefit of becoming a homeowner using your VA entitlement.” – Richard Sarey
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