VA Financing - A Great Deal For Veterans
More than 29 million veterans and service personnel are eligible for VA financing. Even though many veterans have already used their loan benifits, often it may be possible for them to buy their homes afain with VA financing using the remaining or restored loan entitlement.
Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of the VA home loans.
A. The most important consideration, no down-payment is required in the most cases.
B. Seller must pay all escrow fees, not you the veteran.
C. No monthly mortgage insurance premium (PMI) to pay, which saves you $$$.
D. Limitation on buyer's closing costs, another cost saving.
E. Thirty-year, fixed rate loans, with a traditional fixed payment on principal and interest.
F. For most construction loans the house is inspected at numerous stages to ensure compliance with approved plans, and a 1 year warranty is required from the builder to ensure that the house is built in conformity with the approved loans and specifications. In cases where the builder provides an acceptable 10-year warranty plan only a final inspection may be required.
G. An assumable mortgage, subject to VA approval of the assumer's credit. This is a great exit plan.
H. Right to prepay loan without penalty at anytime.
I. VA performs personal loan servicing.