Buying your next home in Hampton Roads Using your VA! Military life can be a great life, although not always easy, but one of the benefits is being able to use your VA to buy a home for you and your family. Being a Veteran gives you great buying power when buying your home. The major added bonus is nothing, zero, zilch down! Using your VA also allows you to ask for 4% in closing cost assistance. What does this mean for the veteran? It means in most cases they can walk through the door of their new home with very little out of pocket expenses!
Another added bonus is no mortgage insurance. This insurance does nothing for you the home buyer, but with FHA and conventional mortgages, without 20% down, you are forced to pay this each month. This covers your lender, not you. This amount can up your mortgage payment by a couple hundred dollars, depending on the price of the home. When you use your VA, they are the insurer, so you don’t have that added expense!
Example of owning versus renting. Average rent in Hampton Roads is $1350.00 a month and up. If you rent for 5 years that is $81,000! An average $200,000 mortgage using your VA is approx $984.00 at 4.25% plus your taxes and Insurance. Congratulations! After five years you have invested in your future and saved yourself money by using your earned VA benefit!
Why would you keep paying someone else’s mortgage when you have earned that benefit? Depending on the price range of your home, your mortgage can be much cheaper than you are paying in rent. Having your own home gives you peace of mind. You never have to worry about having to move and your family will have a place to truly call home.
It’s not a difficult process to get your loan started. In fact, it’s really simple! Your lender and agent do most of the leg work for you!
Karen Miller, REALTOR®
Direct and TEXT 757-235-2790
Bzibee Real Estate Team
Keller Williams Realty
1709 Laskin Road
Virginia Beach, VA 23454
Licensed In VA
“Karen Gets You Moving”