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Benefits of VA Loan Financing
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If you are a Veteran, a VA Loan may be a great fit for you to purchase a home. The VA guarantees a portion of the approved Loan, making it easier for a lender to extend credit. There are many benefits to using your VA Entitlement to obtain mortgage financing.VA loans can still be used for purchasing a manufactured home if within HUD guidelines.
VA Loans may be used in refinance situations up to 90% of the appraised value.
VA Loans are assumable and do not have prepayment penalties. You may refinance or sell your home at any time during the mortgage.
VA Loans can be used for simultaneously purchasing and renovating a home.
VA loans allow for up to a 6% seller concession on a purchase. The seller concession can even go towards paying down your current debt in order to help you qualify.
VA loans currently allow for 100% financing for loans up to $417,000. There is no monthly mortgage insurance charge for VA financing. A one time VA funding fee is allowed to be financed into the loan amount.
Veterans from world war II to present can qualify for a VA loan as long as their discharge was honorable. Reservists must have 6 years of reserve service and either be still enlisted or have an honorable discharge. Reservists may pay a slightly higher funding fee then active duty applicants.