The VA Loan has many advantages that make it one of the most appealing paths to homeownership — and this great benefit is reserved exclusively for those who bravely served their country, and select military spouses.
Natalie Arrowsmith, owner of Arrowsmith Realty, Inc., is currently working towards her Military Relocation Professional designation, and has pledged to serve veterans.
“Every real estate agent has a responsibility to provide the best home buying experience and resources available to his or her clients. That’s why I’ve pledged to ask every client, ‘Did You Serve?’ As a veteran, you are eligible for many benefits earned through your service; among them are the advantages of the VA Home Loan program. It’s my privilege to educate people on these home buying benefits and to help make those benefits accessible and attainable,” stated Natalie.
Natalie Arrowsmith comes from a military family. Her grandfather served in the Navy during WWII, her father served in the Army and her father-in-law served in the Marine Corps, both during the Vietnam War, and now her cousin is serving in the Navy overseas. She has seen first-hand those who have given so much.
Natalie went on to say, “I believe in helping our military men and women achieve the American Dream of owning their own home. As a REALTOR, our code of ethics preamble starts with ‘Under All is the Land!’ My duty is to make sure that the ones who give everything they have for me and my family are able to get back what they deserve…..their own piece of land.”
The VA loan has been around since 1944, when Congress passed the Servicemen’s Readjustment Act. It has evolved since that time but its main goal still remains — to help veterans and service members purchase homes. The VA loan is very similar to other mortgage products in some ways, but it also has its own unique characteristics and requirements.
No Down Payment
The signature benefit of the VA loan is that a veteran can purchase a home with zero down payment. Unlike other loan products, VA buyers don’t have to pay private mortgage insurance when they put less than 20 percent of the loan amount down. This can add up to significant savings for the veteran on a monthly basis. Not having to save for a down payment, or being able to use savings for other purposes, allows veterans to purchase a home sooner and with significant monthly savings than they otherwise would with another loan type.
Residual Income Requirement
The VA has established safeguards to protect the veteran buyer. One of these safeguards is the residual income requirement. This requirement sets a certain dollar amount, based on family size and region, that a household must have left over after they meet their monthly obligations. This is meant to ensure the homebuyer has adequate funds to cover daily necessities like food, clothing, and other goods.
Minimum Property Requirements
Another safeguard the VA has in place is their minimum property requirements. The MPRs establish certain standards each home must meet to qualify for VA financing. The overarching goal of the MPRs is to ensure the home is in move-in ready condition. By ensuring a home is safe, structurally sound and sanitary from the beginning, the VA helps to protect homebuyers from extensive repair bills that could cause financial hardship.
If you’ve served or are currently serving in the military, call Natalie Arrowsmith today at 407-992-8955. They are located at 214 S. Lake Avenue in Apopka. She would love to help you explore your VA loan benefits in more detail.
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