 | ||||
| ||||
...............................................
LEARNING CENTER
.........................................................................................................................................................................................................................................................
BENEFITS:
•100% financing: no down payment or monthly mortgage insurance payments.
100% financing: no down payment or monthly mortgage insurance payments.•Competitive interest rates comparable to conventional loans with 20% down payment requirements.
Competitive interest rates comparable to conventional loans with 20% down payment requirements.•The home buyer/borrower’s closing costs can be paid by the seller, up to 4% of the loan amount.
The home buyer/borrower’s closing costs can be paid by the seller, up to 4% of the loan amount.•Flexible credit requirements: Veterans with lower credit scores may qualify for a much lower interest rate than would be obtainable on a conventional loan.
Flexible credit requirements: Veterans with lower credit scores may qualify for a much lower interest rate than would be obtainable on a conventional loan.•Loan amounts up to $417,000 (or $625,500 in Alaska & Hawaii). Note: the borrower must qualify for the loan amount based on the borrower’s income & liabilities.
Loan amounts up to $417,000 (or $625,500 in Alaska & Hawaii). Note: the borrower must qualify for the loan amount based on the borrower’s income & liabilities.•A VA approved appraiser will appraise the property being purchased to ensure it is not being purchased for over market value.
A VA approved appraiser will appraise the property being purchased to ensure it is not being purchased for over market value.•On most new home purchases, a final inspection is performed and a one year warranty is required from the builder.
On most new home purchases, a final inspection is performed and a one year warranty is required from the builder.•If interest rates go down, the Veteran borrower may be able to lower payments through a VA Streamline re-finance or an Interest Rate Reduction Refinance Loan (IRRRL) with little or no out of pocket costs.
If interest rates go down, the Veteran borrower may be able to lower payments through a VA Streamline re-finance or an Interest Rate Reduction Refinance Loan (IRRRL) with little or no out of pocket costs.•A VA Loan can be used to re-finance an existing home loan (even if it is not a VA Loan).
A VA Loan can be used to re-finance an existing home loan (even if it is not a VA Loan).•The VA guarantees a portion of the loan reducing the lenders risk.
The VA guarantees a portion of the loan reducing the lenders risk.•Safeguards against excessive lender fees.
Safeguards against excessive lender fees.•Additional benefits for Veterans rated for Military disability or a surviving spouse of a Veteran who died in service.
Additional benefits for Veterans rated for Military disability or a surviving spouse of a Veteran who died in service.
