Veterans, service members, and their spouses have an array of perks offered by the Office of Veteran's Affairs. Those who apply for a VA loan can potentially finance a mortgage with no down payment options and reduced interest costs. However, to continue to offer these benefits for years to come, the VA has what is known as a VA funding fee. Keep reading to find out what these fees entail and other vital things to consider about VA loans for home purchases.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
How Much is the Standard VA Funding Fee?
Generally, the VA loan funding fee is a one-time expense, typically 2.3% of the total loan amount
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If you're a military member living in on-base housing, it may seem like you don't need renters' insurance. Since a PCS could arise so suddenly, it might feel like there's no sense in adding another monthly fee to your budget. Regardless of whether you choose to rent or buy as a military member, insurance is vital for everyone, including military members. Renters' insurance protects military members if personal belongings are damaged in a natural disaster, they're the victims of theft, or if they experience other property damaging accidents. Keep reading to learn why military members need renters' insurance.
Buying a home in rural and some suburban areas mean there is a higher possibility the house comes with a septic system. Owning a home equipped with a septic system requires different maintenance and repairs than it does when living in an area with a municipal water and sewer system. By researching the best practices for owning a home with a septic tank, anyone can enjoy the perks while minimizing the drawbacks. Keep reading to learn all about the pros and cons of buying a house with a septic system.
It is not uncommon for those in the military to receive orders for a Permanent Change of Station (PCS). When those orders indicate moving outside of the continental U.S., it is considered an OCONUS move. Due to the distance, these moves can be tricky, but they don't have to be overwhelming. Keep reading to find a few tips to simplify the challenges of OCONUS military moves.
Veterans' Mortgage Life Insurance, or VMLI, is protection available to veterans. The coverage is extended specifically to veterans with service-connected disabilities who have modified their homes to be more accessible. For example, they may have widened doorways or added wheelchair ramps are home improvements that qualify for the program. The purpose of the coverage is to make payments to the mortgage in the event of the policyholder's passing. Are you researching what housing grant options are available to veterans? Keep reading to learn more about veterans' mortgage life insurance.
The holidays are coming, and along with the cooler air, a feeling of excitement arrives that is fueled by many December events in Colorado Springs. In addition to the regular community calendar, some attractions and activities shouldn't be missed this year. From thrilling musical performances to holiday light spectacles, this December could be the most fun one yet. Keep reading for a complete overview of the exciting December 2021 events in Colorado Springs.
Everyone who has served the U.S. military and dedicated their lives to help preserve freedom deserves thanks for all they've done. After separating from service, veterans should be supported as they transition to civilian life. One form of support for veterans is grant awards. Many veterans know about VA Loans, but they don't realize they might be eligible for additional grant awards. A housing grant is a monetary award to go towards any type of mortgage that doesn't need to be paid off, which helps military homebuyers budget for a house. Keep reading to learn about six housing grant opportunities for veterans.
Sometimes challenges arise that result in financial woes that may put homeowners in a situation that makes paying their mortgage a problem. This can be an issue for current servicepersons and military veterans who can experience permanent life changes with little to no notice.
