For military members and veterans, there is no correlation between their financial situation and utilizing a benefit we’ve earned by serving our country. Our down payment was made on deployment and in the field.

VA Loans: Serving Those Who Served

​Whether you're active duty and would rather buy a home than live in base housing, or are leaving the service and looking to buy your first home. If you own a home and could benefit from refinancing into a VA mortgage up to 100% of your property's value or are tired of renting, make it your mission to contact a mortgage professional and learn more about VA loans.

A VA loan requires no money down and typically a credit score of at least 580. These loans have no Private Mortgage Insurance, establish consumer protections, permit the mortgage to be assumed by a qualified buyer, and provide additional savings for disabled vets. Most lenders can obtain your Certificate of Eligibility online but may also request your DD-214 or service records.

Boasting one of the world’s largest air bases and some of the most appealing beach real estate on the East Coast, Delaware is home to roughly 60,000 veterans. While the majority are entitled to a VA Home Loan, many may not know how the program works, and how it can turn renters into homeowners by more effectively leveraging active duty BAH (Housing Allowance), allowing servicemembers to get out of base housing and into their own home. Veterans who have left the service can also take advantage of the many benefits of the VA loan program when buying or refinancing their home.

~ Chad Moore, NMLS #165458  
The Mortgage Market of Delaware 
302-236-9397 - Chad@TheMortgageMarketofDelaware.com 

When I was in the Navy, I was an E-5 with dependents. Today, that would entitle me to $2,256 a month for Housing. Base housing requires that I simply hand that over to live in one of their units. However, some quick calculations using current average interest rates would show how surprisingly comparable owning a similar home in the local area is. Renting or living in base housing doesn’t build equity and can’t transition to a rental property if you need to relocate after taking new orders. You can maintain the property here as an investment and use 2nd tier Entitlement to purchase another home at your next duty station. In some cases, it’s even possible to use the proposed rental income to qualify for your new mortgage.

Unfortunately, there are a few myths and misconceptions about the VA home loan program that lead veterans to opt for less favorable financing and that can also make sellers hesitant to accept VA offers. Some believe VA appraisals are more stringent and that they’ll be stuck paying more fees, or even all of the buyer’s closing costs. An appraisal shouldn’t be an issue if the home is in good repair, and any difference regarding fees is negligible at best. It’s also erroneously assumed that anyone using a mortgage with no down payment is doing so because they aren’t qualified for traditional financing. 

"Our down payment was made on deployment and in the field."

The Mortgage Market of Delaware, LLC