The VA loan is a powerful and amazing product for veterans of the United States Military. There is a lot to know to professionally write these loans, and a lot to know if you are an eligible veteran. Make sure you read up, ask lots of questions, and know that a VA loan is a great loan for great men and women who have served us well. https://www.benefits.va.gov/homeloans/
NOTE: in the video I say that there can only be 1 VA Loan at a time. Commonly that is true, but technically there are exception. Primariy it depends on how much elligibility the veteran has remaining while in their current VA home. Here's the quote from the website:
Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, for example, $23,500 remaining entitlement would probably meet a lender's minimum guaranty requirement for a no-down payment loan to buy a property valued at and selling for $94,000. You could also combine a down payment with the remaining entitlement for a larger loan amount.
If you look below on this page we've also embedded an interview Ken did with Kelly Greenwald, a consumate VA Loan professional, and discuss some ins and outs of the VA loans.
Check out our other videos: https://youtu.be/fRH64zymn2U
We'd love to hear from you! Please comment below or join the conversation on our Facebook page.
As always, thank you for liking and sharing our messages. If you have other topics you would like to see us look into please also leave those in the comments below.
Don't forget to grab your NMLS Approved CE on our website: https://goo.gl/B33tkDAs. All of our training is for Mortgage Professionals needing Continuing Education. Everything we offer is NMLS Approved and useful for credit hours.