Without a doubt, our veterans deserve the utmost respect and support, every day of the year. Michael Saunders & Company wants to share our gratitude for all those who have served. Happy Veteran’s Day.
Homeownership is one of life’s greatest achievements. Michael Saunders & Company and MSC Mortgage are committed to making sure there are convenient and accessible options to achieve this dream. For our veterans, there are three loan options to help them have the home they have always wanted for their family.
The VA Home Loan1
Supported by the U.S. Department of Veteran Affairs, the VA home loan is a guaranteed option, allowing veterans to obtain a mortgage without a down payment. According to MSC Mortgage, the VA determines the eligibility and insurance of the loan and a private lender disburses the loan.
This is eligible to those who served on active duty and been discharged, as well as after serving a minimum of 90 days during wartime, and/or a minimum of 181 continuous days during peacetime.
If the person assuming the loan is qualified, the VA home loan is assumable and may be eligible for the VA funding fee to be waived. Also, the VA offers additional assistance regarding timely loan payments.
What is great about a VA loan is it offers a 0% down payment, no mortgage insurance, no pre-payment penalty, and an applicant does not have to be a first-time homebuyer.
No-Limit Standard VA Renovation Loan1, 2
Renovation loans can sometimes be daunting and have strict limitations. With the VA Renovation Loan through MSC Mortgage, it’s easier for veterans and active-duty military personnel to create their dream home on their terms. Borrowers can purchase or refinance a home while rolling the costs of repairs into one low rate mortgage.
There are no imposed maximums on property improvements and the loan can be used to finance minor remodeling or large structural repairs. Also, it qualifies for single-family dwellings or 2-to-4-unit properties, making it great for investing. There is no mortgage insurance and it offers up to 100% financing with low to no down payment.
It is important to note; construction consultation is required, repair timelines and draws are subject to approval, and contractors must have a valid VA Builder ID.
VA Limited Renovation Loan1
Similar to the No-Limit Standard Renovation Loan, veterans and military personnel can apply for the VA Limited Renovation Loan to finance both the purchase and renovation of the home or just refinancing for repairs. Everything is still calculated at one low rate on a first mortgage loan. The difference is the amount for the Limited Renovation Loan maximizes at $35,000.
It is a convenient and economical way to make updates without having to take equity from the home, use savings or take out additional loans for minor remodels and non-structural repairs. Seller contributions are allowed, and the same notable considerations are required.
We appreciate the commitment and sacrifice veterans have made on behalf of our country. Michael Saunders & Company is proud to offer these opportunities to help military personnel achieve the lifestyle they have always wanted. Discover the advantages offered to veterans and receive an exceptional level of service. Contact MSC Mortgage at 844.890.8034.
1 “Subject to VA Eligibility. Rates, terms, and availability of programs are subject to change without notice. MSC Mortgage, LLC. All rights reserved. NMLS ID 1209513. Licensed by the FL Office of Financial Regulation as a Mortgage Broker MLD-903. For additional information on licenses held by MSC Mortgage and its originators, please visit the Consumer Access website here.”
2Subject to VA Eligibility. Restrictions apply on: Repair Minimums, Contingency Limits, Contractor VA ID, and Repair Timelines.”
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