Wow, have times changed! A few years ago at the height of the Sellers market, Virginia Beach home sellers wouldn’t think about accepting an offer with a VA loan. Now sellers grateful for an offer with almost any type of financing. Here are some of the benefits of buying your Virginia Beach home with a VA loan:

• 100% Financing (Sales Price + VA Funding Fee)
• No Monthly Mortgage Isurance payments
• Sellers can pay all buyers closing costs, and pre-paid items, plus an additional 4% of the sales price towards buy-down points, or buyer’s consumer debts
• No cash reserves are required
• Interest rate is not based on credit scores

Although VA guidelines do not require a minimum credit score, investors are raising their requirements. Many now require anywhere from 580 to 620 as their minimum.

Examples of what the extra 4% can be used for:

• Rental buy-outs
• New appliances for the home.
• Credit card pay offs
• Any consumer debt pay offs
• Condo dues for the buyer

REMEMBER THAT FIRST TIME VIRGINIA BEACH HOME BUYERS MAY QUALIFY FOR THE VHDA FHA PLUS LOAN, A TOTAL OF 102% FINANCING.

Learn more about using VA loans when buying a Virginia Beach home by visiting ButlerTeamHomes.com or give us a call for more persaonl service.

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