The housing market has seen its share of ups and downs during the past decade. Unfortunately, it has seen more downs than ups over the past several years. If you are a United States Vet, you are eligible to take advantage of some incredible services through the United States Department of Veteran Affairs.
The Department of Veteran Affairs offers VA-loans to United States veterans and their surviving spouses (unless those surviving spouses remarry). These loans offer vets the chance to have better mortgage terms and conditions. The main goal of a VA-loan is to offer veterans mortgage financing where there might not be private funding. Also, VA-loans help veterans get into homes with little or no down payments.
Here are some VA loan specifics for Veterans:
You may receive 100% financing with no private mortgage insurance
VA-loans may also be used in the form of a 20% Second Mortgage
VA loans do come with a funding fee. This fee usually is between 0%-3.3% of the total amount of the loan. This fee may be financed.
The VA funding fee is paid directly to the VA
You may borrow 100% of the sales price
There is no monthly private mortgage insurance associated with VA-loans
VA home loans allow veterans to be approved for a larger amount than Fannie Mae or Freddie Mac
VA home loans may be insured as long as the monthly mortgage payment is up to 41% of the gross monthly income
Each county has a different limit in regards to the maximum VA loan guarantee
If the veteran is refinancing and using a VA loan, they may borrow up to 90% of the value of the home
VA loans allow veterans to be approved for reasonable home mortgages. These loans offer competitive rates and conditions.
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