Eleanor Osborn | Norfolk MA Real Estate, Medfield MA Real Estate, Wrentham MA Real Estate


We all know that buying a home is expensive. For first-time buyers who don’t have the luxury of equity for a down payment, it can be difficult to find a way to finance your home without taking on a huge interest rate and mortgage insurance.

Fortunately, loan programs like those offered by the U.S. Veterans Affairs can be a godsend. However, there is a great deal of confusion around who is eligible for VA loans and how to acquire them.

So, in today’s post, we’re going to cover some of the frequently asked questions of VA loans. That way, you can feel confident in knowing whether or not it’s a good financing option for you and your family.

VA Loans FAQ

Who is eligible for a VA Loan?

VA loans aren’t just for veterans. Most members of the military, including Reserve and National Guard members can apply. Additionally, spouses of service members who died from a service-related disability and those who died on active duty can apply as well.

How long do you have to service to be eligible?

The VA defines eligibility as having served no less than 90 days of service during wartime and 181 days of continuous service during peacetime.

Who are VA Loans offered by?

Like any other loan, VA loans are offered by private lenders. The difference is that VA loans are guaranteed by the government. That means that the federal government takes on some of the risk of lending to you, therefore making it possible to secure a loan with little or no down payment.

Should I make a down payment on a VA loan?

If you have the means, making a down payment will almost certainly save you money in the long run. If you can put down 10% of your total mortgage amount, you can also significantly reduce the VA Funding Fee.

Will I have to pay private mortgage insurance?

Private mortgage insurance (PMI) is something that borrowers pay on top of their mortgage payments and interest. This additional insurance helps borrowers buy a home with a small down payment. VA loans allow you to secure a mortgage without PMI.

Are VA loans different for active duty, National Guard, and Army Reserve members?

Each type of service member is eligible for a VA loan. However, there are some minor differences regarding the VA Funding Fee. With no down payment, an active duty member would pay 2.15% of the loan amount in fees. National Guard and Army Reserve members pay around 2.40% with no down payment.

What does my credit score need to be to get a VA loan?

The VA doesn’t have a set minimum credit score. However, the private lenders that offer the loan do. On average, the lowest credit score that you can secure a VA loan with is around 620. That being said, a higher score will secure you a lower interest rate, saving you money over the lifetime of your loan.


This Condo in Walpole, MA recently sold for $355,000. This Townhouse style home was sold by Eleanor Osborn - Berkshire Hathaway HomeServices Commonwealth Real Estate.


27 WASHINGTON GREEN, Walpole, MA 02032

Condo

$359,900
Price
$355,000
Sale Price

6
Rooms
3
Beds
1/1
Full/Half Baths
HOME FOR THE HOLIDAYS! Take advantage of many financing options at this FHA APPROVED COMPLEX w/In-Ground Pool, directly across from Bird Park & convenient to the train, major highways, bus route, shops/services! Enter via the enclosed energy saving vestibule/mudroom w/Closet thru the gorgeous leaded glass door to a spacious LR/DR. The Kitchen features updated granite, SS under mount sink, tile flooring, new window; also, a large pantry, pass through to the DR & access to the updated 1/2 bath & deck. Level 2 includes 2 BRs- the rear, is typically used as the MBR w/ a wall of closets; full BA w/updated tile, vanity, & toilet. You'll feel like you're in another world on Level 3, accessed via the hall & presently used as the Master. Other updates: 1st fl carpet, paint, Heat/AC(2015!), H20 Heater, partial fin Bsmt, K window & lighting. 2 deeded pking spaces. Snow removal includes walk & front steps- ideal for snowbirds/frequent travelers.




Buying a home is a huge deal. First-time buyers transform from renters to owners in a single transaction, a change that has far-reaching implications about how you see yourself. 

Being an owner grounds you in your community.
When you buy a home, you create deep community connections in a way renting never can. After all, when you’re a renter, your relationship to the actual property and structure are less personal. You don’t own it, so if something goes wrong, you call the landlord—the owner—to make repairs. If the wind blows shingles off it is the owner’s insurance that handles getting a new roof. When a natural disaster strikes you know someone else will take care of it.

Now, as the owner, all these things are yours to manage. When you live in the property that you own, you are your own landlord. You’re the property manager in charge of repairs. The buck stops with you! 

Don’t let all that responsibility deter you, though. It is that very sense of duty that creates pride of ownership. While your home doesn’t define you, it does represent you in the neighborhood and to your community. And with the responsibility come all the rights of ownership as well. 

Every payment you make toward your mortgage principle adds value—equity—to your home. Each time you maintain your home and yard, you’re helping it retain that equity. As a renter, your payment went to the owner’s equity. So, if you make improvements to your home, and continue to pay toward the principle, that equity accrues to you. 

Equity increases when the community or neighborhood becomes more desirable so that the fair-market value goes up. Increases due to economic growth and demand add up to more value for you … instead of an increase in your rent payment that goes to a landlord.

Being an owner helps your bottom line in other ways too.
The most predictable thing about renting is that rent will go up. That means any increase you might get to your wages or salary must go toward rent rather than something else you’d like to have. If you have a fixed mortgage, the basic cost of your housing remains the same year over year. When you receive that cost of living adjustment or new position with a bump to your income, you can spend it on improvements to your home to further increase its value, pay off some other debt, or spend it on something else entirely. It gives you choices.

Because you appreciate your property, it appreciates in value.

If you've never owned a home and would like to explore the possibility, start by contacting a real estate agent and get the conversation started.



15 CROSS STREET, Medfield, MA 02052

Single-Family

$550,000
Price

11
Rooms
5
Beds
3
Baths
PRIVACY & SPACE abound at this 5 Bedroom, 3 BA, 3 Level RANCH, expanded up to a COLONIAL in the late 60s. Here you have 1st or 2 nd Floor Master BR options, Gas Heat, Town H20 & Sewer. Location is ideal - convenient to the Top Rated Schools & Town Center; you're in your own private world right in the heart of Medfield! You'll absolutely LOVE spending time in this LR with views of nature out the large front window. The hardwood was laid in a "picture frame" pattern & complements the fireplace, the focal point of the room- perfect timing w/ chilly temps. Bedrooms & Baths on the 1st & 2nd Floors suggest possibilities for the ever popular In-Law. Added living space can be found right off the Kitchen and Dining Room in a spacious 3 Season Sunroom w/ access to the rear yard, & in the Lower Level Family Room w/separate Office and Laundry. Create a Mudroom as you come in from the Garage w/ new doors- contain the outerwear! Train ~10 min away. OH SUN 11-2!
Open House
Sunday
December 16 at 11:00 AM to 3:00 PM
Great LOCATION, move in CONDTION, then begin to make whatever changes you'd like, and affordable PRICE- JUST REDUCED for a Medfield property w/ 5 BR, 3 BAs, and a nice ~1/2 A lot. Stop on by and see for yourself!
Cannot make the Open Houses?
Location: 15 CROSS STREET, Medfield, MA 02052    Get Directions

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This Single-Family in Bellingham, MA recently sold for $290,000. This Ranch style home was sold by Eleanor Osborn - Berkshire Hathaway HomeServices Commonwealth Real Estate.


111 Westminster Ave, Bellingham, MA 02019

South Bellingham

Single-Family

$295,000
Price
$290,000
Sale Price

6
Rooms
3
Beds
1
Baths
1st time buyers delight awaits with this charming ranch with a farmhouse feel. Move in ready, gleaming old-world plank hardwoods and a spacious private backyard. This darling home features: a BRAND new septic system, newly painted exterior, BRAND new roof, BRAND new vinyl windows, BRAND new baseboard hot water heating and boiler, BRAND new electric through-out with 200-amp service, BRAND new plumbing, BRAND new bathroom fixtures, BRAND new kitchen appliances, BRAND new gutters, BRAND new stainless-steel chimney liner, and a BRAND new fenced in yard! The interior is totally renovated with the 3rd bedroom entrance on the lower level street side. If you have no need for an additional bedroom, it can certainly be used for a home business. Cozy sunroom awaits you for your morning coffee. Tons of storage in basement and the attic is energy code compliant with R-39 insulation. Minutes away major highways. Bring your offers!

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