VA LOAN PROGRAM – LAST UPDATED 08/01/2009

A quick note of thanks and gratitude to all Veterans whom have served and sacrificed for our great nation. I am committed to serving the needs of Veterans and will go above and beyond to help you and your families reach your home ownership goals. If you are ever in Plymouth, Michigan - please visit the Plymouth Community Veterans Memorial Park. www.plymouthlibrary.org/~pcvmpc

VA’s Home Loan Program is for Veterans and active duty military personnel and certain

members of the reserves and National Guard. VA loans are guaranteed by the United States Department of Veterans Affairs to eligible Veterans whom want to purchase a home. What does the VA guarantee mean to Veterans? This means that the United State government will guarantee the lender of your mortgage that they are protected against loss if you fail to repay your loan.

For those who are unfamiliar with the program, there are several unique advantages which are not available to the general public without substantial risk based pricing costs.

Benefits of using the VA’s mortgage financing program:

VA is the original zero down home loan program.

• Veterans closing costs are limited by VA.
• Additional assistance is available from VA in the event that you are having problems making your loan payments.
• There are no prepayment penalties with a VA loan.
• VA is flexible in it’s underwriting of Veterans.
• Seller can pay all closing costs and prepaid items up to 4% of the sale price.

Useful VA information for home purchase transactions:

• VA loans are limited to $417,000.00 in Michigan.
• Veteran must occupy home as their primary residence.
• Veteran may reuse their home loan benefits.
• Rates on VA loans are the same as Conventional financing.
• There is no Private Mortgage Insurance on a VA loan.
• VA charges a funding fee on most loans which can be financed into your loan.

If you are asking general information on programs that benefit Veterans, I recommend the following sites:

www.homeloans.va.gov Information on VA home loans.

www.vetassist.org Information directed toward financially challenged Veterans 65 or older or physically disabled with at least 90 days of service during WWII, Korea, Vietnam or Gulf Wars.

www.uso.org Information to help all Veterans and their families.

Best regards and thank you for your service!

Daniel B. Smith

www.danthemortgageman.com

313-801-7800