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If you are a veteran, you are entitled to receive a veteran loan. There are many benefits of a V.A. loan compared to a conventional loan. Please see below:
NO DOWN PAYMENT REQUIRED
Low 30 or 15 year fixed rate
Mortgage insurance financed in loan
Seller must pay part of the buyer's closing costs
Higher debt ratios allowed
Some credit problems ok
VETERAN ALLOWABLE CLOSING COSTS/SELLER CLOSING COSTS
The VA restricts some costs that the veterans can pay. Please see below for the fees the seller must pay for the veteren.
Termite report and work for clearance (or other reports required by the appraisal, i.e. health authority for water/sewer)
Administrative FeeTax Service Fee
Wire Transfer Fee
Document Preparation Fee
Other miscellaneous fees such as processing fee, etc
The seller may pay any or all of the veteran's closing costs (both non-recurring and prepaid items). If the seller agrees to pay all of the veteran's closing costs, then the veteran comes in with no money.
The following are the fees the veteran may pay on a purchase or refinance:
Loan origination fee limited to maximum of 1%
Title Insurance Fee
VA Funding Fee
Interest per diem
Tax and Insurance Impounds
All of the borrower's down payment and closing costs may be a gift from a relative.
No credit history is required. If none, the borrower must document their rent payment history and utility payment records.
Must be discharged from bankruptcy at least 2 years
Re-established credit history must be satisfactory
If bankruptcy discharge is between 2-3 years, borrower must prove bankruptcy was caused by circumstances beyond their control.
A complete copy of the bankruptcy papers are required
A veteran can purchase a home even if they do not have a lot of cash savings. Since no down payment is required and the seller is required to pay part of the buyer's closing costs, this drastically reduces the amount of cash required by the buyer.
If you are a veteran and would like more information, please E-mail me at Patricia@yourmtglender.com or call 818-920-1600.
If you would like to be pre-qualified for this program at no cost, please click here.Return to Home Page
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