Happy Veterans Day to all the Veterans in the Cedar Rapids and Surrounding Area!

vet's picIn Honor of Veterans Day, there are many local celebrations honoring those who served and are serving in our military. Here are only a few ….

Vinton/Shellsburg School plans annual Veterans Day assembly Nov. 11

Monday Nov 11th starting at 9:30 am. Community wide assembly will be held at Vinton-Shellsburg Middle School in the gymnasium. A breakfast will be served in the middle school cafeteria starting at 8:15 am, for any veteran and their family who are attending the assembly.

Iowa Valley School plans annual Veterans Day assembly Nov. 11

Veterans Day programs observed by the Marengo American Legion and Legion Auxiliary will be Monday, Nov. 11, at Iowa Valley schools – 10 a.m. at the elementary school and 11 a.m. at the junior-senior high school.

Following each program will be the firing squad and “Taps.” Lunch will be served at the Marengo American Legion Hall, 1240 Lafayette Ave., and guests are invited to bring a covered dish for sharing.

HLV School plans annual Veterans Day assembly Nov. 11

A 60th anniversary commemoration of the Korean War will be at 9:30 a.m. Monday, Nov. 11, in the school gymnasium.

However, honoring our veterans goes way beyond a one day celebration, it continues to ensuring they have the ability of buying and owning a home in the Cedar Rapids and surrounding area.

Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it. If something goes wrong and you can’t make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is the “insurance” that is provided to the lender.

Loans can be used to:

  • Buy a home in the Cedar Rapids area, a condominium unit in a VA-approved project
  • Build a home
  • Simultaneously purchase and improve a home
  • Improve a home by installing energy-related features or making energy efficient improvements
  • Buy a manufactured home and/or lot.

VA Home Loan Advantages

The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

  • No down payment as long as the sales price doesn’t exceed the appraised value.
  • No private mortgage insurance premium requirement.
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller.
  • The lender can’t charge you a penalty fee if you pay the loan off early.
  • VA may be able to provide you some assistance if you run into difficulty making payments.

You should also know that:

  • You can reuse the benefit.
  • VA-backed loans are assumable, as long as the person assuming the loan qualifies.

VA Home Loan Eligibility Requirements

Veterans of Wartime and Peacetime.

Wartime is defined by the VA as the following:

  • World War II- 9/16/1940-7/25/1947
  • Korean Conflict- 6/27/1950-1/31/1955
  • Vietnam- 8/5/1964-5/7/1975
  • Gulf War- 8/2/1990- Date yet to be determined
  • Post WWII- 7/26/1947-6/26/1950

Peacetime is defined as:

  • Post WWII- 7/26/1947-6/26/1950
  • Post-Korean- 2/1/1955-8/4/1964
  • Post-Vietnam- 5/8/1975-8/1/1990
  • Reservists and National Guard Personnel

Spouses of personnel that died while serving on active duty or as a result of injuries sustained during duty.

What you need for evidence of Military Service.

*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

**All above information is from the Veterans Association website – VA.gov. Please visit their site for more detailed information.

Also, you may want to follow the U.S. Department of Veterans Affairs on Facebook!

The home you choose also needs to qualify for a VA Loan. Call 319-480-5262 work with a real estate professional who knows homes that qualify for VA Loans.

Home buying just got a lot easier!

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