Stockton Real Estate: Veteran (VA) Home Loans
The founder of the Veterans benefits or better knows as the GI Bill has a Stockton connection. Born in Stockton, California, Warren H. Atherton is often referred to as the father of the GI Bill. The Warren Atherton Auditorium at Delta College is named after him. One of the most important components of the bill is home loan benefits.
Here are some advantages of the VA program:
- You can buy a home without a down payment - as long as the sales price doesn’t exceed the appraised value.
- You won’t need to buy private mortgage insurance.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller. (You should keep this in mind when negotiating the sales price.).
- You don’t have to be a first-time homebuyer. You can reuse the benefit.
The Veterans Costs
The VA Funding Fee Although we don't require private mortgage insurance we do charge a funding fee. (This can be folded into the loan.) If you receive service-connected disability payments each month, you're exempt from the fee.
Other Costs of the Loan. Other costs will be involved. Of course, the lender charges interest. And some other fees and charges have to be paid at closing. Here are some general rules:
- The lender, not VA, sets the interest rate, the “discount points,” and closing costs. These rates may vary from lender to lender.
- The seller can pay for some closing costs. (Under our rules a seller’s “concessions” can’t exceed 4% of the loan. But only some types of costs fall under this 4% rule. Examples are: payment of pre-paid closing costs, VA funding fee, payoff of credit balances or judgments for the veteran, and funds for temporary “buydowns.” Payment of discount points is not subject to the 4% limit.)
- You’re not allowed to pay for the termite report, unless the loan is a refinance. That fee is usually paid by the seller.
We have been helping Veterans access this benefit and realize owning their own home. Call the Lilly Team at PMZ Real Estate for you free consultation at 209-479-9222 or e-mail us at hlilly@pmz.com .
Stockton Neighborhoods: Brookside, Lincoln Village, Morada, Morada Ranch, Beck Ranch Spanos Park, West Spanos Park, Weston Ranch, Port of Stockton, UOP.
Stockton and Lodi Zip codes: 95208, 05204, 95205, 95206, 95207, 92209, 95210, 95212, 95215, 95219, 95242. 95240
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