ON KATV: Learn about VA Loans

Written by Donna Hall | Nov 20, 2018 5:24:29 PM

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

limitations"

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

go?"

Lee: "preferably Bank a Little Rock Mortgage"

Chris:"what do they need to bring with

them?"

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 BLRmortgage.com

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"

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