Some say yes and some say no.....so now I ask you.
2006-12-18 04:09:30 · 3 answers · asked by Violet 3 in Business & Finance ➔ Renting & Real Estate
Not at all, WIth a VA Loan you will NOT have MI insurance on the loan - where if you go FHA or Conforming, any amount over 80 percent of the purchase price or refiance, you will have MI insurance on top of your payment, until it is paid down to 79 percent.
VA Loan Information: Visit the home page of the VA. http://www.va.gov/
The VA has increased their loan limits! The maximum loan amount in most cases is $417,000. The VA also offers some advantages over conventional loans:
Other benefits of a VA Loan:
1. No Down Payment required at closing
2. Lower closing costs than conventional loans
3. No prepayment penalty if you pay off your VA loan early
4. No monthly Private Mortgage Insurance payment
5. The lender is willing to negotiate your interest rate
GOING TO THIS SITE, IS A MUST: http://www.homeloans.va.gov/veteran.htm
2006-12-18 05:30:46 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
I say it is a waste of time. If you qualify for a VA loan that means you also qualify for FHA. FHA is a better product in my opinion since you can finance the closing costs. With VA all settlement costs are paid out of pocket.
2006-12-18 04:21:51 · answer #2 · answered by Michel D 2 · 0⤊ 0⤋
No! use if you can!
-Angela
2006-12-18 04:42:46 · answer #3 · answered by Biancoa 4 · 0⤊ 0⤋