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Making Homeownership Easier for Veterans

Veteran’s Day is coming up, and if you don’t already know about them, I want to tell you about a couple of very cool homeownership programs for our veterans. For you and your loved ones who served — or are currently serving — a unique Baird & Warner program, U.S. Military on the Move®, gives service members a way to save when they buy a home. They can get a rebate of up to 20 percent of the commission they pay at closing. For a $225,000 home purchase, for example, if the broker commission is $6,750, veterans receive on average a $1,350 rebate.

Another program offering home loans through the U.S. Department of Veterans Affairs makes it more affordable to buy a home. With 100 percent financing, the VA makes one of the most important parts of civilian life, homeownership, that much easier. And the purchase doesn’t have to be a buyer’s first home.

Here are some important VA loan facts:

Who Qualifies

•   Veterans meeting the length of service requirements
•   Service members on active duty who have served a minimum period
•   Reservists and National Guard members
•   Surviving spouses

What You Get

VA loans offer 100 percent financing — no down payment or mortgage insurance required. That means the dream of homeownership is closer than ever for the people who’ve given so much to our country. On top of that solid financial footing, the VA also puts limits on some of the closing costs a veteran or servicemember needs to pay.

Long-Term Stability

Another benefit of the VA program is that it helps veterans and servicemembers stay in their homes with dedicated VA staff members on hand to offer veterans assistance if they have trouble making a loan payment.

Out of Pocket Costs

The loan itself is entirely financed — just keep these other costs in mind. The only up-front cost to buyers is one percent of the home’s purchase price, which they’ll need for earnest money, sort of a “hold” on a house that takes it off the market while it gets inspected and appraised. The appraisal is also an out-of-pocket cost, along with a few others, but in some cases VA buyers working with a savvy agent can get some costs back at closing.

Find more information here.

If you have questions about VA loans or Military on the Move®, let me know. I guide veterans and service members through both processes, and I can familiarize you with them.

Top 5 Things Not to Miss This Month

Illumination: Tree Lights at The Morton Arboretum (Lisle) 

Starting Nov. 17, take in 50 acres of tree collections at the Morton Arboretum in Lisle, as they get the multicolored spotlight treatment. And to keep it toasty, warming/concession tents and fires line the route.  

Cook of the Week Challenge Finale 2017 (Itasca) 

Called the suburban foodie event of the year, this is a fantastic taste of culinary delights and an opportunity to check out cooking demos on Nov. 13. This is also when the finalists in the Daily Herald newspaper's contest will show off their cooking chops in a winner-takes-all competition.  

French Market (Geneva)

Enjoy the final two Sundays of this weekly market on Nov. 5 and Nov. 12 to peruse farm fresh produce, fresh flowers, baked goods, jewelry, and handbags in downtown Geneva.

"Hamilton's" Wreathing of the Lions 

Gather round the Art Institute of Chicago’s landmark lion sculptures on Nov. 24 for the annual tradition of bedecking them with holiday wreaths. The cast of “Hamilton” will be on hand to perform.

Festival of Barrel Aged Beers 

Cheers! Explore the beers of nearly 100 breweries at the largest celebration of barrel-aged beers in the country at the UIC Forum Nov. 10-11.

Jeff Coros  
Jeff Coros
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