Guaranteed by the U.S. Department of Veteran Affairs, the VA loan program is designed to assist both current active duty military members and veterans achieve homeownership. Eligible borrowers for this program are allowed to borrow at a higher percentage of the home value and the loan is guaranteed by the government against default.
Active members of the military, veterans, and members of the National Guard are qualified to apply for VA loans. Spouses of service-connected disability or deceased military members may also apply for these types of loans.
There is no minimum down payment required and no monthly mortgage insurance payments. The minimum credit score required is as low as 500.
Keep in mind, when choosing to take out a VA loan, a one-time Funding Fee will still be required. The amount depends upon the amount of down payment, type of loan and use of the loan. Even though VA loans generally have lesser costs than other types of loans, it is still good to keep this one-time fee in mind.
For further queries, please Contact Leif Boyd’s division today and find out if you qualify for a VA loan.
Disclaimer: On a VA 30-Year fixed rate purchase with loan amount $145,000.00 (at 100% LTV with zero down from borrower), at an interest rate 3.74% with $1,625.45 discount points (Annual Percentage Rate – 3.9153%), you will be required to make 360 equal monthly payment of $670.70 (which includes principal and interest only, so your actual payment, including taxes, insurance and other property charges, will be higher).
Leif Boyd – Did a great job with one of my buyers that I referred to him so they could finance their first home. Through the entire process he was there to answer their questions and keep things moving. I would recommend any first time buyer that is looking for a FHA loan to call him because he is one of the few lenders that I have met in the past 2 years that actually cares about the client more than himself.Tim Taggett