No homebuyer is done shopping for a home until all financing options have been considered. For military homebuyers, this means weighing the benefits of a Pennsylvania VA loan against those of a conventional loan. Seldom do military homebuyers find that they’re ready to take on a massive down payment or high monthly costs. Instead, they discover that the VA Home Loan Guaranty program’s upsides suite their financial constraints.
Easily the program’s most popular financial advantage, paying no money down grabs the attention of homebuyers who aren’t even in the military. Only qualified veterans and service members will pay zero percent down to finance 100 percent of their home, but no VA loan borrower will see a down payment above 5 percent. VA loans in Pennsylvania have a loan limit of $417,000, meaning a homebuyer can receive that much to go toward the purchase of a home.
Lansdale and Harleysville had median housing values of $229,400 and $295,670 respectively in 2009. Military families can find starter homes in these suburbs of Philadelphia at lower prices and more luxurious homes at higher prices. Not only are these towns close to Philadelphia, but they’re within 100 miles of New York City. Living in Lansdale or Harleysville would keep homebuyers close to their military roots since the NAS Joint Reserve Base is only a few miles away.
In addition to the minimal down payments, Pennsylvania VA loans come with financial perks, such as:
-No prepayment penalty
-Financing the VA funding fee in monthly payments
-Competitive interest rates
-No mortgage insurance
Thanks to the last two perks, monthly payments for Pennsylvania VA loans are lower on the whole. Clearly the program makes an effort to keep mortgage payments low since service members often have a hard time building credit or saving money due to frequent relocations.
When Congress created the program in 1944, it did so with the intention of honoring and rewarding those who valiantly served our country. Therefore, those who received a dishonorable discharge cannot take advantage of a VA loan. However, millions of others likely qualify. Many of those who may qualify fit into one of these groups:
-Service members who served on active duty during wartime for 90 days, or during peacetime for 181 days.
-Members of the National Guard and Reservists who served for at least six years.
-Spouses—who have not remarried—of veterans who died in the line of duty or because of a service-related injury.
The first thing every military homebuyer must do in effort to get a VA loan in Pennsylvania is complete a simple form, called a Certificate of Eligibility (COE). It’s a plain and simple form that affirms you’ve met the prerequisites for the program.
To learn more about Pennsylvania VA loans, contact a VA-approved lender today.
Matt Polsky is a real estate/mortgage blogger associated with VA Mortgage Center.com. To contact Matt. This blog was specifically written for the Scott Loper Team. Thanks Matt!
Contact Scott Loper, Associate Broker, Realtor®, RE/MAX Realty Group at 215-513-1333 for help buying or selling a home in Lansdale, Harleysville, Hatfield, Souderton, Skippack, Collegeville, North Wales and the surrounding areas of Montgomery County of Pennsylvania. To Search for Homes For Sale in Montgomery County Click Here.
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The Scott Loper Team
Scott Loper - Associate Broker
Lisa Loper - Sales Associate
Gina Wherry - Sales Associate
RE/MAX Realty Group
439 Main Street
Harleysville, PA 19438
Ph: 215-256-1200 x-213
