Did you know that if you qualify for a VA Loan you can borrow 100% of the contract price of a home up to $417,000 and have a 41% debt to income ratio which is higher than you can have with a conventional or FHA Loan? After $417,000, most Lenders want an additional 25% down on the amount loaned more than $417,000. Additionally, the Seller can pay a Vets closing costs and pre-paids, there is no minimum credit score requirement, VA loans are assumable which means your home is more marketable when you go to sell it and makes it especially attractive to Investors, and it can be refinanced without an appraisal or re-qualification. These loans can be assumed by either Vets or Non-Vets, and they must just qualify for the loan and the benefit to them is to be able to purchase your home at the low interest rates that you are able to get in our current market. Additionally, a Vet may use these benefits over and over again.
So, do you qualify for a VA Loan? You must meet one of more of the qualifications below for this type of loan:
- You have spent 6 years or more with any US Reserve since 1966
- You have served at least 90 days in a war zone
- You have served 181 days or more of continuous active duty
- You were disabled before completing your 4-year obligation
- You were discharged at the convenience of the US Government such as in a reduction of force, before completing your 4-year obligation
Additionally if you use a Lender that is experienced in doing these loans, you will be able to get your loan completed faster than an FHA loan.
http://www.callnancylamar.com/ for all your real estate needs!
No comments:
Post a Comment