Established in 2011, the Veterans Association of Real Estate Professionals (VAREP), is a non-profit 501(c)(3) and HUD-approved housing counseling organization dedicated to increasing sustainable homeownership, financial-literacy education, VA loan awareness, and economic opportunity for the active-military and veteran communities.
“Our mission is to increase sustainable homeownership, financial-literacy education, VA loan awareness, and economic opportunity for the active-military and veteran communities.”
Veterans have played important roles in the history of this country. Even with their patriotic and courageous service, there seems to be an information gap about the support and resources that are available to them when they’re attempting to purchase their own home.
Even active duty military personnel may not be able to find a home for their family if they think they don’t have enough money to afford one. Both veterans and active service members are searching for options on what possible financing resources they can use to purchase their home and that’s something that needs to be fixed. The Realty Medics specialize as Orlando property managers, but no matter that the need is, we’re always happy to help our veterans in any way that we can.
A loan from the VA is available to U.S. veterans, service members and other eligible surviving spouses. In this loan, the VA will enable a lender to provide the entire loan while they guarantee a portion of it. The requirements for this loan may be confusing for many as the process may seem to have a lot of requirements. However, to get started you need to obtain a Certificate of Eligibility, that lets the lender know that you are in fact eligible for a VA backed loan.This certificate only makes a person eligible, it does not mean that you secure the loan.
What makes this a convenient option is that qualified applicants will not have to deal with a down payment as the VA does not require it. However, your capability of paying the loan will be checked to ensure that you can actually make payments for the loan.
Depending on which state you live in, you might find that there are more grants that you’re eligible for. There are some states that provide down payment assistance in the form of 0% interest loans. Down payment assistance can reach $5,000, and it’s not repayable until your house is refinanced, sold, or transferred. For those considered as protectors: working in the military, police, firefighters and first responders, the amount may even rise up to $7,500.
It’s a given that veterans and even active duty military personnel are all facing troubles with how they can possibly obtain a home. With the possible financing solutions provided, you now have the opportunity to choose what financing options are available and fit your situation the best.