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BENEFITS OF A VETERAN LOAN 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: BENEFITS 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. Escrow Fee Termite report and work for clearance (or other reports required by the appraisal, i.e. health authority for water/sewer) Administrative Fee Tax Service Fee Wire Transfer Fee Document Preparation Fee Other miscellaneous fees such as processing fee, etc Notary Fee 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: Discount Points Loan origination fee limited to maximum of 1% Appraisal Credit Report Title Insurance Fee Recording Fee Compliance Inspections 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. Credit History No credit history is required. If none, the borrower must document their rent payment history and utility payment records. Bankruptcy 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 pbarmatz1@earthlink.net 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 LIGHTHOUSE HOME LOANS Your Mortgage Lender!!! Real estate broker licensed by the California Department of Real Estate License #01178482, DRE 916-227-0931