Choosing the VA Home Loan

Since 1944, the Department of Veterans Affairs has helped over 18 million men and women who have served our country achieve homeownership. The VA offers veterans one of the most progressive lending programs available complete with flexible loan terms and competitive rates. VA loans in the amount of $417,000 can be given to borrowers in most areas of the United States giving potential homeowners in Vermont - where the average home price is between $260,000 and $312,000 - 100% financing. VA loans up to $1,094,625 can even be loaned to eligible borrowers seeking real estate in more expensive markets.

Benefits of the VA Home Loan

Although high loan limits are incredibly beneficial to eligible borrowers seeking their dream home in Vermont, it is not the only perk the VA Home Loan offers. Because the VA insures 25% of each loan given to borrowers, VA-approved lenders are more likely to give borrowers benefits they would normally not find elsewhere with conventional loans. Other VA loan benefits include:

- No down payment

- Down payments in the form of gifts

- Lenient debt-to-income ratios

- Mortgage insurance not required

Who is Eligible for a VA Home Loan?

The VA home loan was specifically designed with veteran and active duty service members in mind. Nearly 80% of all veterans and active service members who qualified for a VA loan would not have been eligible for a conventional home loan. Although the VA home loan was created to help veterans and service members achieve homeownership, there are a few initial requirements that must be met to achieve eligibility.  These initial requirements include:

- Must have served 181 days on active duty or 3 months during war time

- Or must have served 6 years in the National Guard or Reserves

- Or be the spouse of a service member who was killed during active duty

If a potential borrower meets one of the above eligibility requirements, they must also receive a Certificate of Eligibility which an approved VA-lender may be able to help file for. Although there are no income or credit requirements associated with the VA home loan program, most VA-approved lenders will desire a credit score of at least 620 to secure financing.

If you think you might qualify for a VA loan, we recommend contacting  Nick Parent with The Mortgage Guys at Spruce Mortgage He can be reached at 802.863.5102 or Nick@Spruce Mortgage.com.

FREE WORKSHOP! Getting Ready to Buy or Sell a Home? Learn how to work with Real Estate Agents & Lenders!We'll cover all the basics and answer all of your questions. The Burlington Free Press along with Coldwell Banker Hickok & Boardman Realty and PrimeLending will be offering a free workshop that will help you understand how to navigate the home buying and selling process successfully. A light meal will be served.

To register for the workshop:burlingtonfreepress.com/reworkshopor 802.651.4866Sponsored by Geri Reilly of Hickok & Boardman Realty, Barb McHenry of Prime Lending, The Burlington Free Press & Leunig's Bistro & Cafe

Is it just me or did the holidays sneak right up on us this year?! We have holiday party #3 this afternoon at the Hickok & Boardman building. Last week our company President treated us all to a fabulous dinner at the Bearded Frog in Shelburne. Yesterday morning we enjoyed a scrumptious potluck brunch and Yankee Swap gift exchange which was a lot of fun! But this afternoon's party is special, because the Reilly Team hosts! We call it the 2nd Floor Christmas Party and although it's small and casual, you can't miss it! The Reilly Team and few other real estate agents sit on the 2nd floor of our 6-story building in Burlington and Geri and team provide the drinks while others who's desks reside the 2nd floor, bring the appetizers. We all squish together in the 2nd floor lobby just outside the elevator and restrooms, wear tacky Christmas jewelry and socialize with friends and colleagues. Although small, the party area is fully decorated and has a warm feel to it!  The Reilly Team just loves the holidays! And so does our entire company -  it's tradition to participate in our trio of holiday parties every year!But, in addition to all of the festivities, our company also takes into consideration those who are less fortunate during this special time. Currently we are collecting gifts and various items for the Humane Society of Chittenden County and Toys for Kids. And after our huge brunch yesterday, we took all of the leftover food to our local homeless shelter, COTS.  Also, many real estate agents here at Hickok & Boardman contribute to a special cause or group on their own.  For instance, Geri Reilly and her husband Mike Simoneau, donate thousands of dollars every year to organizations such as Lund Family Center, Howard Center for Human Services, Boys & Girls Club, Sisters of Mercy, etc.  Without generous donations and/or volunteer contributions, many of these non-profit's would not survive! It is vital to our community to help support these social organizations. Please consider donating or volunteering your time to a local cause this holiday season so everyone can feel the love and festiveness this year!The Reilly Team and everyone at Hickok & Boardman Realty wishes everyone a safe, happy holiday and best of wishes in the new year!