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The Benefits of Using Your VA Home Loan: An Interview with Wilson D. Enriquez of Ideal Lending Solutions

By Wilson Enriquez

Tell us a little bit about your company and the services you offer.

We are a West Palm Beach mortgage lender that is helping potential homeowners afford the American dream. We help buyers understand the steps to purchasing a new home using conventional, FHA, VA, USDA loan options. We also help current homeowners potentially lower their monthly payments with a HARP refinance, an FHA streamline, or a VA Interest Rate Reduction Loan.

Is there something that most veterans might not know about VA loans that they should know?

Many veterans assume they are entitled to getting this loan after having served in our armed forces. However they still have to qualify, which is why it is important to sit down with a VA lender that knows the ins and outs of the loan program and how you qualify. You need to get pre-approved before starting to look for homes to buy.

Can you briefly explain some of the main differences between taking out a VA loan versus other general types of home loans?

A VA loans provide $0 down payment and $0 monthly mortgage insurance. This makes it easier for a veteran to qualify for the home they are looking for and makes the monthly payments more affordable. To remove the mortgage insurance on a conventional loan, a buyer would need to have 20% down payment. An FHA loan has a pretty high monthly mortgage insurance amount, so it is not as affordable as it used to be.

What are the biggest benefits of VA loans that a veteran who wants to buy a home should consider?

The biggest benefit is the $0 down payment. So if someone did not have much money to work with and they are eligible for the VA loan, they should review the numbers to find out what they would need the day of closing to complete the home purchase. It may end up being considerably lower than they expected, especially if they buyer is able to negotiate with the seller of the home to pay for closing costs or if the veteran is able to qualify for one of the down payment assistance programs available. In some cases the veteran would need absolutely no money the day of closing!

Are there any cons or drawbacks that come with getting a VA loan?

The one only drawback to a VA loan is the VA funding fee. It is a fee that the VA charges the veteran to take out this kind of loan. The fee, however, is simply included into the loan itself so that the veteran does not have to come up with that additional money. This is certainly a small downside but one nonetheless.

What's the best way for people to contact you and your company?

They can contact me directly so that I or someone from my team can help them right away at 561-296-7520 or email at wenriquez@ideallending.net. We can show them how much the payment will be, how much the total amount for closing can be, and even if there are other options that would be in their better interest for their specific situation.

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