With Veteran's Appreciation Week getting set to kick off I think we ought to highlight little known facts about the VA loan. So here we go...did you know:
1) The un-remarried spouse of a deceased veteran is eligible for the VA loan
2) A veteran that qualifies can actually own two VA loans at the same time-the second one must be on a purchase for over $144,000
3) The VA loan is 100% financing with no monthly mortgage insurance
4) If a veteran is disabled they are exempt from the upfront funding fee that rolls into a VA loan
5) The veteran, under no circumstances is allowed to pay the termite inspection fee on a purchase-this must be paid by the seller.
6) The VA loan can be used to purchase a mulitple family property up to 4 units as long as the veteran is occupying one unit
7) Those who have served in the National Guard or Reserves who have never been on active duty are eligible if they have served 6 years in the NG or Reserves.
8) While VA does not have a minimum credit score for the most part lenders will not accept a score below 620
9) A current VA loan can be refinanced using an IRRL-or interest rate reduction loan which has reduced documentation in order to achieve a lower interest rate.
10) VA will allow up to $6,000 to be added to a 30 year purchase loan or an owner occupied existing property for energy efficient upgrades.
With features like these, it would be a disservice to veterans to try to persuade them to use a different type of loan. But we see it happen. If you are a veteran, be sure to check out VA and what it can offer you before deciding on a different type of loan product.
No comments:
Post a Comment