In honor of our Veterans and Active Military on Veterans Day I’ve compiled some information on loans and incentives for U.S. Military personnel.
One of the most utilized services for Veterans is the VA Guaranteed Home Loan. The Veteran’s administration doesn’t make the loan, but guarantees the loan to the lender (bank etc.) you are borrowing from. The current guarantee is $417,000, which can buy a lot of house these days in Butte County! In addition to guaranteeing a loan for the purchase of an existing home, the VA also guarantees loans for the construction, remodel and weatherization of a home. Financing for condos and manufactured homes are also guaranteed (with certain restrictions).
Some other qualities of a VA backed loan include: requirement that new home builders provide a one-year warranty, assurance of structural repairs if needed within 4 years of the guarantee, no prepayment penalties and a requirement that certain loan and transaction costs and fees not be paid by the buyer. The greatest benefit for most VA buyers is the allowance for purchasers to get into the home with zero down-payment.
California Veterans receive some additional benefits via a Cal-Vet Home Loan which include: lower than market interest rates and down payment amounts. Cal-vet also provides home and loan protection plans that allow for a $500 deductable on flood, earthquake and mudslide claims as well as fire and hazard coverage.
Information for this article was found at Military.com, visit their site for information on all veteran’s benefits. For more information on how to get the most from your veteran status when buying a home in Butte County please contact me at (530) 321-5579
One of the most utilized services for Veterans is the VA Guaranteed Home Loan. The Veteran’s administration doesn’t make the loan, but guarantees the loan to the lender (bank etc.) you are borrowing from. The current guarantee is $417,000, which can buy a lot of house these days in Butte County! In addition to guaranteeing a loan for the purchase of an existing home, the VA also guarantees loans for the construction, remodel and weatherization of a home. Financing for condos and manufactured homes are also guaranteed (with certain restrictions).
Some other qualities of a VA backed loan include: requirement that new home builders provide a one-year warranty, assurance of structural repairs if needed within 4 years of the guarantee, no prepayment penalties and a requirement that certain loan and transaction costs and fees not be paid by the buyer. The greatest benefit for most VA buyers is the allowance for purchasers to get into the home with zero down-payment.
California Veterans receive some additional benefits via a Cal-Vet Home Loan which include: lower than market interest rates and down payment amounts. Cal-vet also provides home and loan protection plans that allow for a $500 deductable on flood, earthquake and mudslide claims as well as fire and hazard coverage.
Information for this article was found at Military.com, visit their site for information on all veteran’s benefits. For more information on how to get the most from your veteran status when buying a home in Butte County please contact me at (530) 321-5579
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It's an wonderful information to know more about the home buying assistance offering for veterans. I am really glad to know these details. There is some federal tax enticement planned to encourage economic growth. The program dates for this type of home buying assistance have also been prolonged, so that more people who want to buy will have the occasion to take benefit.
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