Did you know you could use your VA Loan to purchase or refinance?

Have you thought about using that eligibility?  If not...this Blog might be exactly what you need to know VA Home Loan Advantages The guarantee VA provides to lenders allows them to provide you with more favorable terms, including: No down payment as long as the sales price doesn't exceed the appraised value. No private mortgage insurance premium requirement. VA rules limit the amount you can be charged for closing costs. Closing costs may be paid by the seller. The lender can't charge you a penalty fee if you pay the loan off early. VA may be able to provide you some assistance if you run into difficulty making payments. You should also know that: You don't have to be a first-time homebuyer. You can reuse the benefit. VA-backed loans are assumable, as long as the person assuming the loan qualifies. The maximum loan limit in Illinois with no money down is the limit is $417,000. VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county, since the value of a house depends in part on its location. The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran's available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price. There is also a VA Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guaranty loans up to 100% of the value of your home as well as the ability to lower the interest rate on your current VA loan. To check into all benefits available for veterans, go to http://www.va.gov/ For specific information about VA home loans or refinances, check out: http://benefits.va.gov/HOMELOANS/purchasecashout.asp?expandable=0&subexpandable=0 The choice of lenders is yours but if you need a recommendation, I am happy to assist you with several names.  Two of the greatest advantages of this program is the zero down payment and no private mortgage insurance. In today's world, without 20% down, private mortgage insurance will now be charged on the life of the loan.  If you are a veteran, bless you for your service.  If I can provide additional information for you, a friend or family member, please give me  a call. If this is the time for you to get moving...give me a call,  I am always ready to provide you with absolute up to the minute information on your market area and what opportunities exist as a homeowner or investor. Contact Me   I will get back to you as quickly as possible with any and all information you require.  At last...it is once again exciting to be your Realtor! JoAnn