How Kentucky Veterans Are Saving Thousands On Their New Home With This Decades-Old Loophole

3 minute read

1 on 3 veterans know about the decades-old loophole.

Those who know about it, save an average of $30,205 at closing and $230 every month.

This post is dedicated to serving those who’ve served:

  • Veterans
  • Active duty members
  • Members of the National Guard or the Reserves
  • And even the spouses of military personnel

In the next 3 minutes, you’re about to learn how Kentucky’s Heroes save thousands on their dream home…

Let’s take a trip back in time to 1944.

An act was adopted that would reshape history and become a pivotal moment for our Nation’s Honorable Veterans.

On June 22, 1944 the G.I. Bill of Rights was signed into law. On that day, the VA Home Loan Guaranty Program was born.

It’s been the relentless mission of the VA Program to help veterans build financially stability. This was a missed opportunity for veterans serving oversees.

The VA Home Loan Guaranty Program, to this very day, is still standing strong despite the hard knocks of recession and the housing crisis.

Let’s cover some of the benefits available to U.S. veterans and current members of our military…

Attention Kentucky veterans and service members: It might be easier to get approved for a new home than you imagined. Members of the U.S. military are entitled to benefits not available elsewhere. We believe all military personnel deserve to be homeowners. Find out if you qualify for the VA Program immediately over Messenger , it only takes a few minutes online.

0% down payment

VA loans are one of the last options to offer zero down payment.

Any house you buy that’s under $453,100 requires 0% down.

Despite the housing crisis, VA loans have the lowest foreclosure rate over any other home loan type.

Lower monthly payments

Private mortgage insurance (PMI) is required for typical home loans.

For PMI you’re looking at paying anywhere from $115 to $345 a month, depending on your purchase price.

With the VA program, mortgage insurance is not required. So you’re saving $230 a month on average.

The VA Program leaves more money in your pocket. Find out if you qualify for the VA Program immediately over Messenger .

No upfront funding fee

The 2.15% funding fee goes directly to the VA Program to ensure the program keeps running for future generations of military home buyers.

It’s rolled into your loan so your initial payment is lower.

Lower closing cost

No down payment, no mortgage insurance and no upfront funding fee help make VA loans affordable.

To compare with a conventional loan at 10% down payment, the average closing cost is $30,205.

Many of our borrowers purchase a home with no money due at closing.

Lifetime benefit

Just like honor, the VA Program stays with you for life.

You could have more than one home secured by the VA Program. Even if you lost a home due to foreclosure, you could still use this benefit.

Once you earn this, it’s yours for life.

Lower rates

VA interest rates are 0.5% to 1% lower than conventional interest rates.

The reason is because VA loans are backed the U.S. Department of Veterans Affairs.

This takes away the risk that’s normally involved with loan programs.

Easier to qualify

You don’t need to have perfect credit to benefit from VA loans.

The minimum credit score needed is 580. Any score under 600 is considered “poor”. With conventional loans, poor credit wouldn’t cut it.

If fact, with conventional loans, you would need a 740+ “perfect” credit score to get the best rates and terms. If your credit is poor and you didn’t have the VA option, you’d have to pay money to repair your credit. That gets expensive.

Then on top of that, you’re usually talking about a 4-7 year wait until you can think of buying a home.

VA loans are much easier to qualify for. Find out if you qualify for VA immediately over Messenger .

Kentucky tax credit benefits

Many home buyers don’t know about Kentucky’s tax credit.

With VA loans, you still get this massive benefit:

  • You’ll get back 25% of your mortgage interest each year.
  • Up to $2,000 a year (dollar for dollar refund off your federal income taxes).
  • You can still claim the remaining 75% of the interest as a yearly tax deduction.
  • You’ll benefit from this tax credit for the entire lifetime of your mortgage (every year you occupy the home).
  • Helps you qualify for a new home by reducing your debt-to-income ratio (DTI).
  • Maximum purchase price is $271,164 to qualify. Income limits vary depending on your county.

Don’t miss out this opportunity. If you served for our country, then you deserve to save thousands on your dream home.

Attention Kentucky veterans and service members: It might be easier to get approved for a new home than you imagined. Members of the U.S. military are entitled to benefits not available elsewhere. We believe all military personnel deserve to be homeowners. Find out if you qualify for the VA Program immediately over Messenger , it only takes a few minutes online.

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