Mr. and Mrs. Johnson were referred to me by a local Woodbridge Agent, after they had been told by their credit union and a national bank that they needed to use a FHA Loan or Conventional loan with a twenty percent down payment to buy a home, although Mr. Johnson is active duty military.
Mr. Johnson had been deployed overseas but upon his return he would be stationed in Northern Virginia. He and his wife wanted to have a place to call home upon his return and renting was not an option.
Fortunately for the Johnson this is completely untrue! In Northern Virginia we live in a "high cost area" and a Veteran or active duty military can use what is called bonus entitlement. Now there is a complicated formula to figure out the amount of entitlement available but it can be done when you work with the right Veteran Home Loan Lender.
If you are PCS to Quantico, Fort Belvoir, or the Pentagon and already own a home secured with your VA Home Loan Benefit, and desire to purchase again with no money down, contact your Veteran Home Loan specialist to figure how much home you can buy.
The Johnsons did and they are now happy homeowners in Northern Virginia.