Here is another loan available just for veterans. Some highlights include:

100% financing.

Easier to get a loan because of more liberal VA Underwriters that are more understanding of credit challenges.

No Reserve Requirements, meaning you don’t need to have any savings to buy a home.

The seller can pay closing costs so you don’t have to come up with that money either.

There is no VA Funding fee required in certain circumstances (mortgage insurance.)

The VA is devoted to making sure the veteran isn’t overpaying through their strict valuation process  and checking the condition on the property.

The VA also offers Residual Income. Basically it is a budget for the Veteran adding up all of their expenses such as heat, income taxes, food, clothes, and electricity. They also do adjustments based on the number of kids for food cost.

As long as the Vet has $1 in Residual Income, the VA underwriter can approve the loan!

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President Obama has approved the extension of the $8000 first time home buyer tax credit as well as a $6500 credit for repeat or move-up home buyers who have lived in their primary residence for five years or more. The credits will now end on may 1st.

There are a few stipulations to both credits but with low interest rates it is still a great time to buy property.

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• New and Improved Home Buyer Tax Credit (bloghomedenver.com)
• Sources: Senate likely to extend homebuyers’ tax credit (cnn.com)
• $8,000 homebuyers tax credit extended (money.cnn.com)