VA Loans

What Are VA Loans?

VA loans require an eligible veteran to prove eligibility using a DD214 or for active duty, other paperwork. These type of loans do not allow occupant co borrowers, like Mom or Dad, but only a veteran and his or her spouse. (Not fiancé!) There is no down payment and no mortgage insurance so these loans allow a generally higher purchase price and lower payment than any other loan type.

So Many Benefits

This is my favorite type of loan because of it’s many benefits. If you’re a veteran, this is the way to go. The only downside is that one cannot have delinquent or defaulted child support or student loan debt, or certain other credit related restrictions. Generally, though, credit requirements are very loose. I have even closed a VA loan for someone with a FICO score of 550!

What Are The Limitations?

There are limits to the purchase price if the VA has imposed a limit on the individual veteran, but I have closed homes for VA over a million dollars. DID YOU KNOW that a 100% disabled veteran does not have a funding fee and usually does not have to pay property taxes?! This about your purchasing power! This type of loan does require a funding fee (which is rolled into the loan) based on frequency of use, with the first time use being the most expensive at over 3% for anyone with a disability rating less than 10%. Over 10% disabled? FUNDING FEE IS WAIVED.

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