This is a summary of the VA loan program.

The VA loan program is for eligible veterans to use to buy a home. This program requires no down payment and does not charge for private mortgage insurance, which helps lower the cost of monthly mortgage payments. There isn't a specific credit score requirement but many lenders are looking for a minimum credit score of 620. The program has a VA funding fee, this fee can be added to the loan amount or will be used as part of the closing costs to purchase a home. We can also negotiate to have the seller help pay for the funding fee.  If the veteran has a service connected disability the VA funding fee can be waved.

A certificate of eligibility (COE) states a persons eligibility for a VA loan. Its a document that is provided by the Department of Veterans Affairs which says if an individual is eligible for a VA loan and what the dollar amount is available and how  much the VA funding fee will be. A mortgage lender can help you get a COE or you can use this site: https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp To get a COE you will need to provide your DD214 or a statement of service from your commanding officer if you are currently serving.  

Single family detached homes qualify for VA loans. If the home has condominium ownership they need to be on the VA condo approved list.  https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch 

There are 2 parts to the VA appraisal . First to determine the properties value and second to make sure the home meets the Minimum Property Requirements (MPR's) which are Safety, Structurally Sound and Sanitary. Here are a few examples that would be a problem: Leaking roof or basement, broken window, peeling paint or plumbing not working.  A termite report is a requirement of a VA loan and must be paid for by the seller. A VA appraisal is NOT the same thing as an independent home inspection that a buyer can conduct to thoroughly examine all of the mechanical systems of the home.  If there are issues with the value or repairs, we have an opportunity to request the seller address the problem.

A VA loan can be used more than one time and is intended for owner occupant use. VA loans can be assumable by another eligible veteran. A VA loan can also be used to purchase new construction. 

The VA guarantees up to a quarter of the total loan amount.

Lenders like to see stability and consistency of employment history on a loan application. Often it is ok to change jobs as long as they are in the same line of work or if there is advancement in the field and pay.

There are property tax exemptions available in the state of IL if there is a service connected disability greater than a 30% rating. https://www.illinois.gov/IISNews/15-0852-REV_Property_Tax_Relief_Release.pdf 

Here is an example of the Kendall county tax form to apply for the property tax exemption for homeowners: https://www.co.kendall.il.us/wp-content/uploads/App_disable_vet.pdf  

 

Here is an example of the monthly payments for a $200,000 mortgage under different types of loan products. (Source ABC News)

 

Erin and Jerry Hill have been serving veterans for over 10 years in the USAA rewards program.                

 

To better serve our clients we have been trained through the Military Relocation Program (MRP) The Did You Serve training program and the American Warrior Real Estate Professional program.   

For military and first responders we have a special rebate program exclusive to clients of Erin and Jerry Hill. Our Hero Rebate Program is our way of saying thanks to those that serve to keep the rest of us safe.   http://www.erinandjerryhill.com/hero-rebate  This program may not be combined with any referrals, discounts or other programs without prior review.