Understanding the truth about VA loans can help homeowners and buyers take advantage of a solid financing option.

Generations of veterans and military members have relied on the VA loan program to achieve the dream of homeownership. Today, this $0 down mortgage option is booming in a time of tight credit. But millions of veterans and military families are still missing out.

This is the most powerful mortgage option on the market for scores of military buyers. Qualified borrowers can purchase up to $417,000 in most parts of the country before having to factor in a down payment. There's no mortgage insurance on VA loans, and they feature more flexible and forgiving requirements than other loan types. This program exists to help get veterans into homes. Sellers should understand it does exactly that, often better than other mortgage options. About 72 percent of the VA purchase applications filed during the summer months went on to close.

This one stems from the sometimes slow-moving VA program of yesteryear. A focus on improving automation and responsiveness has helped VA loans catch up with the field in terms of time to close. The average VA purchase loan closed in 40 days, that's one day longer than conventional, and two days faster on average than FHA financing.

Few aspects of VA loans engender more misconception than the appraisal process. Properties need to meet broad requirements to help ensure veterans are getting move-in-ready homes that are safe, structurally sound and sanitary. Fixer-uppers and foreclosures can be tough for VA financing.

Sellers can pay all of a buyer's loan-related closing costs and up to 4 percent of the purchase price in concessions, which can cover things like prepaid taxes and insurance or paying off collections. But they're not required to pay anything on a buyer's behalf. Confusion comes in because the VA limits what lenders can charge buyers, and there are a few costs they're actually not allowed to pay. But that doesn't mean sellers have to foot the bill. Regardless of the loan type, it's still a real estate transaction -- nearly everything is negotiable.

So when you are ready to buy a home or condo in Angel Fire or Taos we are here to assist you in all your Real Estate needs in Taos or Angel Fire. Are you looking to build your dream home we have many lots or larger parcels to choose from in Taos and Angel Fire. If you cannot locate the house, condo or land you desire, on our website, you can access the Taos/Angel Fire MLS from our website. We are dedicated to bringing you the best in Real Estate throughout the Enchanted Circle. For your Real Estate needs in Taos call us at (575) 758- 5852.Looking to buy or sell Real Estate in Angel Fire our number is (575)377- 2626. Our warm and inviting staff of knowledgeable agents go that extra mile to find exactly what you desire. To speak directly to a broker call Paula at 575-770-3306. We are here to serve and welcome you to our growing community.

Information obtained from Trulia