I'm also a first time home buyer, thank you.
2006-07-07 07:29:51 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
VA home loans used to have the advantage in that you can get into a home without putting anything down on a house. But, now there are many lending agencies that allows you to do the same. With both types, though, if you don't put anything down, you do have to pay for an insurance that the lender bears in case you can't make the payment. The best thing is to pay down at least 10%.
The VA loan benefit, however, is that you can get VA service as well as education on the process of buying the house, etc. But, they do put requirements and limits on the loan that might not be practical for the area, in which you're trying to buy. Shopping around for other loans is most recommended.
2006-07-07 07:36:04 · answer #1 · answered by Nikki W 3 · 0⤊ 0⤋
A VA loan is an excellent option for a first time buyer with a VA Entitlement for several reasons: no down payment is required, a motivated seller can pay 100% of the borrower's closing costs, the VA Funding fee is waived for disabled Veterans and financed for the non-disabled.
The only drawback on a VA loan is for those who wish to be unmarried co-borrowers. VA does not provide for that circumstance.
2006-07-07 07:34:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
VA is the way to go. It's just a guarantee with perks...a way of getting into the house. They don't actually lend you the money.
2006-07-07 07:38:24 · answer #3 · answered by optimistinspiteoftheanswer 1 · 0⤊ 0⤋
The home owner and the local Authority.
2006-07-15 14:30:35 · answer #4 · answered by Chuong Seng Ly 4 · 0⤊ 0⤋
This is a wonderful benefit.
My only caution is to make certain it is the home you want.
2006-07-21 02:50:37 · answer #5 · answered by tweetymay 6 · 0⤊ 0⤋
There are better options than VA. If it's OK to contact you I can tell you all about it.
2006-07-07 07:34:46 · answer #6 · answered by xphillipjrx 2 · 0⤊ 0⤋