ON KATV: Learn about VA Loans

Posted by Donna Hall on Nov 20, 2018 11:24:29 AM

Our veterans deserve the best! One of their benefits includes VA home loans. These loans can help veterans get into a home with lower down payments and no monthly private mortgage insurance.  Watch Lee and Chris to learn more.

From the November KATV  interview with Lee Maris.


No headphones? No problem! Read the transcript below!


Chris: "from the station that's on your
side this is Channel 7 News
good morning Arkansas
Lee Maris from Bank a little rock
mortgages back today we're talking about
details on VA home loans Lee thanks
again for coming in on this day guys are
working banks might have off the
mortgage companies are working today
let's talk about VA loans
what are these how do they start and how
can folks get one"
Lee: "well first of all
thanks to all the men and women and our
armed services we'd like to say happy
Veterans Day to you guys VA loans are
basically just loans that are available
to our veterans service you know army
maybe airforce guys a lot of people have
the misconception that the VA actually
makes a loan the VA is really there just
to guarantee the loan it's they
basically act as an insurance company"
Chris: "so
you don't go through the VA to get the
loan yeah that's one thing you know for
sure okay so what about qualifications
is it just any of those branches and
what is the zero down"
Lee: "You can do zero down, you don't 
have to you don't have to I mean but you
know yeah any of the four armed services
 also National Guard now if it's
National Guard you have to be in the
National Guard for six years"
Chris: "okay so
there are qualification and stipulations?"
Lee: "if you're Army, Navy, Air Force active-duty
its two-year requirement"
Chris: "okay
eligibility and others you know what 25
million veterans in the country right
now so a lot of people can qualify
 for this type alone
select spouses as well"
Lee: "yes spouse is now
if it's if it's like a prisoner of war
or killed in action the spouses can be
eligible for a VA loan"
Chris: "okay so that's
good know to to remember what about
Lee: "you know it's probably one
of the more generous loans that's out
there for as far as underwriting goes
there are some limitations you know we
do have some credit score requirements
just you know you're supposed to be
under four hundred fifty-three thousand
but I mean if I was a veteran I'd be
taking the advantage of it "
Chris: "what about what are the benefits of
getting something like a VA loan and
getting a guarantee what are some of the
things that or make that look take it up
to our veterans"
Lee: "no down payment, no
mortgage insurance,
yeah now there is a VA funding
fee unless you're have a
related disability then it's waived 
and that is a percentage of the loan
amount and it can be financed in on top
of the loan"
Chris: "but no PMI?"
Lee: "no PMI that's"
Chris: "big especially when you're talking about
a zero down payment"
Lee: "oh yeah and I've
actually had veterans get money back at
closing because the seller can pay
closing costs"
Chris: "yeah of course yeah that can be negotiated"
Lee: "yeah you can 
get in with zero out of pocket that is
incredible okay um where do veterans
turn if they're interested in learning
about something like this obviously
don't go to the VA where do they need to
Lee: "preferably Bank a Little Rock Mortgage"
Chris:"what do they need to bring with
Lee: "about what are some of the things
you know it's just like any other loan
except for a lot we need their
Certificate of Eligibility and if
they don't have that they can bring
their DD 214 in and we can get their
certificate for them"
Chris: "where would they get a
certificate of eligibility"
Lee: "Fort Roots in north little rock
or out I mean you know they can try to
do it online that's how we get it but we
have to have their DD 214 we send that
in I think it's two in Houston we send
it down there in turn it takes a couple
days so if they don't want to do the
heavy lift and let us do it
send us your dd-214 we'll get your
certificate for you"
Chris: "yeah and that's
something to that I think a lot of folks
would be curious about is you know what
do I need to bring in a folks if you're
not sure just call and ask  stop by
and and guys would do everything"
Lee: "the only really thing that's different is
your Certificate of Eligibility that's
it "
Chris: " okay wonderful
Bank of Little Rock Mortgage at 
is where you want to go so
that you can learn more about of course
not only the VA loans but just
everything they do over there for you
Bank of Little Rock Mortgage if you're
not eligible for VA loan if you just if
you're not a veteran they've got other
loans of course available and they'll
take care of you and make sure that you
have what you need before you go and
close on that house or condo you can
also follow them on Facebook Instagram
and Twitter at BLRmortgage on
Twitter Lee thank you as always for
coming in and as you mentioned thanks to
all of our veterans out there if you get
a chance folks take advantage these VA
loans could be very beneficial to you or
your spouse"

Topics: home ownership VA Loans On Time Closing Home Loans Low Down Payment Mortgage Loans