Happy Veterans Day in the Northern Utah Area!

    In Honor of Veterans Day, there are many local celebrations
    honoring those who served and are serving in our military.

    Ogden’s Veterans Day Parade  will be held on Saturday, Nov. 8 at 11:11 a.m., coinciding with the signing of the World War I Armistice at 11:11 a.m. on Nov. 11 in 1918. The parade course will run north on Washington, then head west on 25th Street to Grant Avenue, then head south and dissolve.

    Click HERE for more Veterans Day events.

    vet's dayHowever, honoring our veterans goes way beyond a one day celebration, it continues to ensuring they have the ability of buying and owning a home in the Northern Utah area.

    Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it. If something goes wrong and you can’t make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is the “insurance” that is provided to the lender.

    Loans can be used to:

    • Build a home
    • Simultaneously purchase and improve a home
    • Improve a home by installing energy-related features or making energy efficient improvements
    • Buy a manufactured home and/or lot.

    VA Home Loan Advantages

    The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

    • No down payment as long as the sales price doesn’t exceed the appraised value.
    • No private mortgage insurance premium requirement.
    • VA rules limit the amount you can be charged for closing costs.
    • Closing costs may be paid by the seller.
    • The lender can’t charge you a penalty fee if you pay the loan off early.
    • VA may be able to provide you some assistance if you run into difficulty making payments.

    You should also know that:

    • You don’t have to be a first-time homebuyer in the Northern Utah area.
    • You can reuse the benefit.
    • VA-backed loans are assumable, as long as the person assuming the loan qualifies.

    VA Home Loan Eligibility Requirements

    Veterans of Wartime and Peacetime.

    Wartime is defined by the VA as the following:

    • World War II- 9/16/1940-7/25/1947
    • Korean Conflict- 6/27/1950-1/31/1955
    • Vietnam- 8/5/1964-5/7/1975
    • Gulf War- 8/2/1990- Date yet to be determined

    Peacetime is defined as:

    • Post WWII- 7/26/1947-6/26/1950
    • Post-Korean- 2/1/1955-8/4/1964
    • Post-Vietnam- 5/8/1975-8/1/1990
    • Reservists and National Guard Personnel

    Spouses of personnel that died while serving on active duty or as a result of injuries sustained during duty.

    Click here to find out what you need for evidence of Military Service.

    *If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

    **All above information is from the Veterans Association website – VA.gov. Please visit their site for more detailed information.

    Also, you may want to follow the U.S. Department of Veterans Affairs on Facebook!

    Home buying just got a lot easier!

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