Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Justin Froiland from Fairway Mortgage on Veteran's Day. Listen as Justin describes the benefits of a VA loan if you are a Veteran looking to own a home. You can reach Justin at 605.695.1429 or justin.froiland@fairwaymc.com.  His office is located at 412 5th St., Brookings SD 57006 or on the web at www.BrookingsMortgage.com 

VA Loan Benefits Explained

- Good morning everybody, how you doing? Shane here with the Brookings Home Team, powered by Century 21. I lied, I said we wouldn't be doing a Monday morning mortgage tip but thanks to this guy right here, congratulations first of all, lender of... what's the?

- Technically it's kind of a mouthful, the South Quarter Housing Development Authority Lender of the Year for Region Three and so... Thank you, it's got a mouthful so thank you.

- It is, yeah. So congratulations to you and well deserved there, so good job with that and thank you for all your help and everything.

- Perfect yeah, I appreciate that and thank you 'cause it's working with people like you, Shane, that allow me to do that and so I appreciate that.

- No, no, it's good, so. But the big thanks to all those veterans out there, today's Veterans' Day and we want to make sure we give a huge thank you for your service, thanks for keeping us safe and being able to do what we do here and we really really do appreciate that. So we thought hey, why not talk a little bit about a VA loan and how that works with the veterans. So Justin, thanks for coming in, I know everybody else is closed for the day but you volunteered to come in and talk to us.

- Certainly.

- And I do appreciate that. So what do you have for our group here today?

- Yeah, thanks for having me, Shane, and like Shane said, I just wanna say thank you to all the veterans out there, you guys are truly one of my favorite peoples to work with when it comes to buying a house. You know, the VA loan, it's kind of a different loan program compared to the rest of them out there. There's some pretty unique factors to it and those are, that's what I wanted to go over today and just make everyone out there aware of these different aspects to the VA loan. A couple, the two big ones that a lot of people like, that there's no down payment required and there's also no monthly PMI, or private mortgage insurance, on that loan which is a huge thing because all the other programs, the only way to avoid it is by having 20% down and on the VA loan you don't have it, no matter what and so those are kind of the two big factors that set the VA loan aside from a lot of the other programs. Like any other loan program or, I should say, any other government loan program, they have a funding fee or a guarantee fee that they charge. However, with the VA loan, if you are a military disabled or medically disabled veteran or you're receiving any sort of medical disability from the VA, then you are likely exempt from that funding fee and you will not be charged that funding fee, so it's just one more advantage of that VA program over for example, a rural development or an FHA program and so those are a couple of the different aspects of the VA loan in specific. Now one general misconception of the VA loan is you cannot have more than one out at a time. Now that is actually technically false, it strictly depends on your VA eligibility and that's gonna be specific to each individual veteran, everyone's eligibility's different, it's based on years of service and a number of different factors that go into it. Very easy for us to find out by getting a copy of your DD-214, so we can order a certificate of eligibility. That most people are like, what is he saying? But those veterans out there, they know exactly what I'm saying.

- DD-14, yeah.

- Yeah they know exactly what I'm saying and so it's a very easy process to get that number and figure out where you're at and whether you're eligible for the VA loan or not and also whether you're exempt from that funding fee or not. And so those are kind of a couple of the different factors that I wanted to go over on the VA loan. The other thing that I wanted to mention is something that we put in place with my Brookings office at Fairway Mortgage here that I know Shane's aware of but we've, it's kind of a simple way of saying thank you to the veterans that we are fortunate enough to work with, we actually offer a discount on closing costs, essentially cutting your origination fees in about half when it comes to that and so we offer a $500 discount on closing costs for that and so, again, just a simple way of saying thank you to those veterans that we're able to work with and I've got my American Warrior Initiative shirt on here and we've also got a non-profit organization that Fairway Independent Mortgage completely funds and supports and so it makes it so 100% of the donations that go to that can go to veterans in need. I know we've bought service dogs for individuals before and stuff like that.

- Good program.

- And so another cool program there too. That's what I wanted to cover today.

- All right, the one thing that you didn't cover that I was just gonna mention, everybody know too is closing service fee, they don't have to pay the closing service fee on those VA loans.

- Yep, that a lot of times can be structured in there like that, yep.

- So, but yeah, thanks for coming in.

- Certainly.

- Appreciate that. If you guys have questions for Justin, feel free to reach out to him, again information on the top, on the bottom, on the sides, wherever your device allows you to see that. Feel free to talk to him anytime, he's really easy to get ahold of, if he doesn't answer his phone the first time, there's a reason for it, but he will get back to you. But if you have questions for myself, feel free to reach out to me as well, be happy to put you in touch with him or anybody else that you think would help. So feel free to share or tag this video with anybody else you also think would benefit from it. We always like to have a little bit of love with that.

- Certainly.

- As well too, so thanks for watching. Again, happy Veterans' Day, thanks to all those veterans out there for keeping us safe, you deserve more than a day.

- For sure.

- Get hold of Justin if you guys are looking for a home to purchase and he'll put you in touch with the right program so have a great day. Talk to you guys next week. All right, see ya.

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

Posted by Shane Andersen on
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