It is time to branch out into deeper waters with your VA loan. Why not, every one is taking advantage of the market in its downturn, and you too are deserving when it comes to making a good deal. The VA loan has the 100% no money down payment insured from the government to qualified veterans, to stimulate the economy through the low cost housing, with interest rates lower than your normal conventional loan. The market is flooded right now, with bank owned properties up to 20-30% off the loan amount owed on the property. In addition, the VA will let you have the seller pay up to 4% in closing costs. For example, if you buy a $300,000 home with a VA loan, the seller can pay up to $12,000 in closing costs, in addition to fixing up the property for all non-structural related improvements up to around 5,000!
This is an excellent benefit for the veteran because you do not need a down payment and if you are an medically discharged veteran who receives at least 10% medical per month from the VA, it is not required of you to pay the VA funding fee, which is normally 2.15% of the loan amount for all first time home buyers.
What does it take to qualify for a VA loan? At least 181 days of active duty, active or discharged, honorable or medically discharged under honorable conditions, and around 45% debt to ratio. If your medically discharged and do not work however, get enough medical money per month from the VA to ratio for the home loan, then we can use that income as well.
Enjoy looking for a home in the community of foreclosures!
VA loans are very popular loan option in the country. This loan is aimed at helping the persons who served the armed forces of the country in their home ownership bid. This is a federally backed loan and it is guaranteed by the Department of Veteran Affairs. The most appealing feature of this loan is that here you are not required to make any down payment to get a certain minimum amount of loan. Credit requirements in case of a VA loan are comparatively relaxed than that of other conventional loans. Due to comparatively relaxed requirements on collections, credit score, debt to income ratio, foreclosures, short sales etc., VA loans are becoming very popular in the country.
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