Make Your Mortgage Work For You With a VA Loan
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.
Eric Kandell has helped thousands of U.S. Veterans get approved for VA loans and VA streamline refinances. Hopefully the article above provides you some insights that help you take advantage of the Veteran Benefits you are entitled to because of your service in the United States Military.