First Ohio Partners with The Veterans Resource Project

First Ohio Home Finance is proud to announce a new partnership with The Veterans Resource Project. The mission of the organization is to connect local businesses with Veterans and Veteran organizations in the community in a way that is beneficial to all parties involved. The Veterans Resource Project believes this is a way to strengthen the community as a whole and promotes awareness and respect to those that protect this great nation.

First Ohio Home Finance could not be happier about the program and the partnership. Often, Veterans are unaware of the opportunities they have in regards to home ownership. It is our job as mortgage lenders to ensure Veterans know about their home buying options and that we go above and beyond to help them through every step of the process. Here is some information about VA Loans, who is eligible and the advantages:

What are VA loans?

Veterans Affairs (VA) home loans are mortgages that are guaranteed by the U.S. Department of Veterans Affairs.   VA loans became available in 1944 as part of the Serviceman’s Readjustment act, also known as the GI Bill. Qualifying veterans have the opportunity to purchase a home without putting any money down, through the VA home loan program. Borrowers must obtain a VA Loan through a participating private lender. The VA doesn’t loan any money; they insure a portion of the mortgage which allows lenders to offer more favorable rates and terms to veterans who qualify.

Who is Eligible for a VA Loan?

Veterans, active-duty personnel, members of the National Guard and Reserves, and eligible surviving spouses may qualify for VA home loans. Eligibility is based on length and type of military service and discharge conditions. In order to apply for a VA loan, borrowers will need to obtain a Certificate of Eligibility (COE) through the Veterans Administration. While the COE allows an eligible individual to apply for a VA loan, it does not guarantee loan approval. More information on how to apply for a COE and eligibility requirements can be found here: https://benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp.

What are the Advantages of a VA Loan?

Some of the advantages of a VA home loan include:

• No down payment – Borrowers can finance up to 100% of the purchase or appraised value, whichever is less
• No private mortgage insurance (PMI) – VA borrowers don’t have to pay PMI because the loan is backed by the federal government
• Competitive interest rates –Lenders are often able to offer lower interest rates on VA loans
• Easier to qualify for – VA loans have more favorable income, debt and credit qualifications
• Lower closing costs – The VA limits what fees and costs veterans can pay at the time of closing
• Its’ not a one-time benefit – there are no limitations on how many times a veteran can use the home loan program

We look forward to our ongoing partnership with The Veterans Resource Project. If you are a Veteran and would like to get started on your VA loan application, contact us today (888) 818-1850!