what are the advantages of the va home loan and the disadvantages. like interest rates ?
2007-10-08 08:39:20 · 6 answers · asked by Anonymous in Politics & Government ➔ Military
even with the new changes in the housing market
2007-10-08 08:59:22 · update #1
even with the new changes in the housing market
2007-10-08 08:59:23 · update #2
even with the new changes in the housing market are veterans required to put down 20% like everyone else
2007-10-08 09:00:22 · update #3
VA home loan does not require a down payment and it covers most of the closing costs, actually requires that they are paid by the seller. It does however have a :VA Funding Fee" that will be rolled into the price of the mortgage at closing. Usually what happens is that the vet pays nothing down and very little at closing but that most of these fees are added into the loan and financed over 30 years. It will allow the vet with no cash on hand to buy a house. After that you are on your own. Unless you default, then the VA pays off the loan and your not haunted by it forever.
If you have some money there are better loan programs available especially if you are a first time home buyer.
2007-10-08 08:54:35 · answer #1 · answered by joshbl74 5 · 0⤊ 0⤋
Veterans get to put no money down and receive a loan for the entire purchase price. You are assuming a loan. Your down payment will be the difference between the purchase price and the loan. So if the loan is $80,000 and the price is $90,000, you put down $10,000. It is possible that you could also put down zero money and ask the seller to wait to receive her $10,000. You would then have 2 loans on the property: the VA loan and the seller portion. The VA assumption would take that into account when judging your qualifying..
2016-05-19 00:57:57 · answer #2 · answered by ? 3 · 0⤊ 0⤋
No down payment. But, you will have to pay closing costs, unless you can work out a different deal with the seller. The main advantage is that it is a fixed-rate loan for a 30 year period. So, you won't go through the belly-flopping ordeal that all of those folks with adjustable rate mortages (ARMs) are going through right now. They are the bulk of the foreclosures.
2007-10-08 08:46:37 · answer #3 · answered by desertviking_00 7 · 0⤊ 0⤋
Pretty good they will finanace everything from your points to closing costs and the rate is always very good. I bought my house on va loan back in 93 so it worked out for me, I would stronlg reccomend it.
2007-10-08 09:28:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Low interest rates and no down payment.
SSG Schramm
US Army 15 years
OIF 2003
2007-10-08 08:44:18 · answer #5 · answered by ? 6 · 0⤊ 0⤋
No down payment needed. Me and my neighbors have at least one bbq a year for our block and we were talkin about how much we put down for our homes. I told them nothing you would have thought i stole their beer I was like yeah its good to be a Vet.
Semper Fi
2007-10-08 08:53:51 · answer #6 · answered by Devil Doc 5 · 0⤊ 0⤋