“I JUST LEFT WALGREEN’S AND PAID A $400.00 FOR PILLS!! IN A TIME WHEN THE ECONOMY IS BEATING US ALL UP I THOUGHT I WOULD PASS THIS INFORMATION ON TO THOSE WHO TRULY DESERVE IT. OUR VETS!! HOPE THIS HELPS ANYONE WHO HAS SERVED OUR COUNTRY!! GREAT INFORMATION FROM THE MILITARY WALLET.“
The most important thing to consider when separating from the military is ensuring your immediate needs are taken care of. This includes making sure you have some cash coming in to cover your bills, a roof over your head, and health care coverage for you and your family. Unfortunately, you can only take your military health care benefits with you in limited circumstances, which we will cover in this article. If you don’t meet the limited qualifications for taking your TRICARE benefits with you, then you will be required to find your own health care. We will cover a few other options for finding affordable health care coverage in this article. These tips can help you find the best places to get medical benefits to make sure your family is covered.
“NO MONEY DOWN”….AND “NO MI!!”
THIS MEANS LOW LOW PAYMENTS!!!!
In the past, VA loans were one of the most difficult loans to obtain because of the “process..” It took much longer than the ordinary loan with tough underwriting, delayed appraisal times, and a lack of lenders even doing them.. This literally developed a stigma that said, “DON’T GET A VA LOAN!!!”
WELL…NOW THE ROLES ARE REVERSED… It has become the “Diamond In The Rough” of loan options.. VA has maintained their guidelines as being the only 100% financing program available along with providing the lowest monthly payment around.. It’s interesting to see that these loans have a fewer delinquencies than any other out there..READ MORE HERE It even looks as though they are trying to make it even more attractive by reducing the funding fee requirements. Could our troops even save the housing crisis???
CLICK HERE FOR DETAILS: http://www.benefits.va.gov/homeloans/circulars/26_11_12.pdf
Below is a example of a purchase scenario using an FHA loan or a VA loan..
Purchase Price: $100,000.00
required down payment: 3.5%($3,500.00)
Base loan amount: $96,500.00
FHA UP FRONT MI: 1% (965.00)
Total Loan Amount: $97,465.00
RATE of 4.25% = Principle and Interest payment =$479.47
MONTHLY MI RATE FOR FHA 1.15% = $ 93.40
Total monthly payment showing just P&I & MI = $ 572.87
VA Purchase Price: $100,000.00
Required down payment: $ 0.00..
Base loan amount: $100,000.00
VA UP FRONT FUNDING FEE: 1.4% (1,400.00)
Total Loan Amount: $101,400.00
RATE of 4.25% = Principle and Interest payment =$498.83
MONTHLY MI RATE FOR VA = $ 0.00
Total monthly payment showing just P&I & MI = $ 498.83!!!!!
A SAVINGS OF $74.04 PER MONTH!!!
THIS IS A HUGE DIFFERENCE from where we were 5 years ago! I can finally say “VA LOANS, YOU ARE NUMBER ONE” in the world of the mortgage industry!!! Thank you for your time!! I would love to serve you by answering any questions you have!!
Feel free to call me at any time if you have questions 630-330-5626