VA Loans

Below are some of the advantage and considerations of obtaining a Veterans' Loan. Information and Rules can change quickly. This is a general guide line. Please check with your lender or Call Alice Lema (541) 301-7980 for the latest information

1. No Down Payment: One of the most significant benefits of a VA loan is that it does not require a down payment. This is a big advantage for veterans, especially those who may not have a lot of savings. In most other types of loans, a down payment is required, and it can be a significant percentage of the home's purchase price. This can make home ownership more accessible for veterans. You don't have to take time to save for the down payment.

2. No Mortgage Insurance: Mortgage insurance is typically required on loans where the borrower puts less than 20% down. It protects the lender in case the borrower defaults on the loan. Since VA loans do not require a down payment, they also do not require mortgage insurance. This can result in significant savings over the life of the loan, and it can also make the monthly payments more affordable.

3. Lower Interest Rates: Interest rates on VA loans are typically lower than those on conventional loans. This is another benefit provided to veterans as a thank you for their service. Lower interest rates can make a significant difference in the total amount paid over the life of the loan, and they can also lower the monthly payment.

4. Property Condition: VA loans require that the property be in good condition. This is to protect the veteran, who is likely not putting a lot of money down and therefore has less equity in the home. The VA has a list of minimum property requirements that the home must meet. These requirements ensure that the home is safe, structurally sound, and sanitary. ** There is also a rehabilitation loan available it the property needs extensive repairs.

5. Location: VA loans can be used to purchase properties in both urban and rural areas. This provides veterans with a wide range of options when deciding where you want to live. Whether a veteran prefers the convenience of city living or the tranquility of a rural setting, a VA loan can help them purchase a home in their desired location.

6. Manufactured Homes: VA loans can be used to purchase manufactured homes, such as double or triple wides, on land. This provides veterans with another affordable housing option. Manufactured homes can often be more affordable than traditional stick-built homes, and they can also offer more flexibility in terms of location. Mobile homes on acreage are particularly popular on acreage in Oregon.

7. Rehabilitation Option: The VA loan program includes a rehabilitation option. This allows veterans to purchase a home that needs repairs or improvements and include the cost of those repairs in the loan. This can be a great option for veterans who are interested in purchasing a fixer-upper or a home that needs some TLC.

8. VA Grants for Adaptive Housing for Severely Disabled- special adaptive housing improvements, or it could be a whole house. It could be just a ramp, it could be a bathroom remodel, kitchen remodel. That for, for these guys are the, the hard cases. The guys that have lost limbs, the guys that are dying from Agent Orange, that kind of thing.
   
   

9. Contact Information: Alice Lima,  is a real estate broker in Southern Oregon. Don't hesitate to call her - any veterans interested in using their VA benefits for a home purchase to contact her. Her phone number is 541-301-7980. She is knowledgeable about VA loans and could be a valuable resource for veterans looking to purchase a home in her area.
   
   "The condition of the property has to be better. And the VA appraiser actually has a special list on their clipboard when they're coming through, checking those things off, but, I know that list by heart." - Alice Lema
   
   
   Other info: Video - Buying Real Estate with a VA Loan