I’m excited to be joined today by Yolanda G. Stewart, a mortgage banker from F&M Bank. There are some great things happening in the finance realm of real estate that she’s going to explain.

Most of the buyers in our market purchase homes using VA loans, so that’s the big topic we want to touch on today. The big news here is that the VA has increased the floor of what they will guarantee for a VA loan. The limit has increased from $424,100 to $453,100, which is great news for buyers. It’s really going to help veterans who want to find their forever home, but couldn’t quite afford it in the past.

Of course, there are plenty of different mortgage options out there for veterans. While VA loans are the most popular, the Tennessee Housing Department also has a systems program for vets where you will get a 0.5% discount on your interest rate.

“If you have decent credit (620 or above), you can get a fantastic interest rate.”

Finally, a quick word about interest rates. The national average right now is very attractive for veteran homebuyers. It’s ranging anywhere from 3.25% to 3.5% if you have decent credit. Decent credit meaning a 620 credit score or above.  Keep in mind that because the VA guarantees the money as opposed to lending it themselves, different lenders are going to have different requirements.

Houses are selling, buyers are out there, and it’s important that you jump on the house you like right away because it might be gone if you don’t.

If you have any questions about VA loans, your credit, or anything else relating to the lending world, give Yolanda a call at (931) 809-0115 or send an email to yolanda.stewart@myfmbank.com.

If you have any real estate questions for me in the meantime, you can always reach out via phone or email. I look forward to hearing from you soon.