The Ins and Outs of Wisconsin VA Loans

The Wisconsin VA loan is a great program for eligible people who served in the service. It allows them a chance to purchase a home at a great rate and reduces the financial burden of buying a home.

No Down Payment
For people that qualify for VA financing, there is no requirement for a down payment. On top of this, the seller can pay all of the closing costs associated with the loan if the contract allows it. This means that a person can buy a home with a VA loan with absolutely no money out of their pocket.

Easier Credit Restrictions
The guidelines concerning a person's credit rating is not as strict compared to conventional loans? Veterans will find it is far easier to qualify for the VA mortgage than the typical conventional loan.  The VA rules usually focus on just the past 12 months of a person's credit file to make things a bit easier for the borrower.

The Funding Fee
The VA charges a funding fee on all loans to provide necessary funds for the VA program. This fee is usually added to the overall loan amount, providing the borrower with the opportunity to pay the fee over time rather than pay it all up front.

Assumable Loans
It is possible to sell a home financed with a VA loan to another eligible veteran by assuming the loan. This means that the new owner has to meet certain requirements. However, it does not require the new buyer to obtain a completely new loan. They just take possession of the home and begin making payments on the existing loan.

Current and Former Military
At one time the only people who qualified for the VA mortgages were people that had been honorably discharged from the service. Changes have been made over the past several years to allow current active military, as well as members of the guard and reserve, to qualify for the program as well.

For additional information see our VA loan page on our site or to see if you qualify, contact me below or apply online.