VA
home loans are fixed rate mortgages with terms of either 15 or 30 years. Since
the VA guarantees the mortgage, there is no mortgage insurance. However, the VA
requires the borrower to pay a funding fee ranging from 0.5% to 3% for the
mortgage (this fee is waived for qualifying disabled veterans). In addition, VA
home loans are fully assumable by a qualifying borrower.
The
following are highlights of this program:
Down payment requirements:
Since this mortgage is guaranteed by VA, the minimum down payment required
is 0% of the sales price. Veterans are allowed to put money down on the
purchase (which subsequently reduces the required funding fee). No cash
reserves are required.
Income and
employment:
There are no limitations placed upon income requirements. As for
employment, there are no limitations on a specific length of time at a
particular job. However, a 2 year history is required, preferably in the
same line of work (education can be counted towards this 2 year history if it is
for the same profession the borrower is currently in).
Eligible properties and occupancy requirements:
VA home loans are restricted to single family residences that are new, under
construction, or existing (i.e. resale properties), condominiums, and town
homes. Homes located in a PUD (planned urban development) must be approved
by VA. Also, mobile homes with a permanent foundation, taxed as real
property, and built after June 16, 1976 are eligible. All VA guaranteed
properties must be owner-occupied and located in the United States.
Closing
Costs:
VA has created a
list of allowable and non-allowable closing costs that may be charged to the
home buyer. Non-allowable closing costs generally are referred to as
"garbage fees" or "junk fees" and include costs such as the lender's tax service
or document preparation fees.
Qualifying
ratios:
VA does not limit a borrower's monthly payment as in the case of many mortgage
loan programs. However, a borrower's total debt (proposed monthly payment
plus monthly payments towards credit cards, student loans, car payments, and
other installment and revolving credit) cannot exceed 41% of their gross monthly
income.
Mortgage Insurance
Premium:
VA home loans do not have mortgage insurance premiums. However, the VA
does require a funding fee assessed with each VA loan (unless you are a
qualifying disabled veteran).
Assumability:
Yes. The person assuming the loan must credit qualify for the
mortgage and the seller is automatically released from liability with
the approval of the lender.
Baltimorehudhomes.com is
advertiser supported loan and real estate search engine.
We are not a lender or broker or Realtor.
When you choose to inquire with a lender or Realtor who advertises on
baltimorehudhomes.com, your information remains between you and that lender's or
Realtor's. Advertisers are solely responsible for keeping their information
current. Rates, points and programs cannot be guaranteed and are subject to
change without notice. Baltimorehudhomes.com shall not be responsible or liable
for any products, services, information or other materials displayed, purchased,
or obtained as a result of any information or offer in or results of any kind
obtained in connection with this website, including, without limitation to any
agent referrals, loan recommendations, application, approval, prequalification,
loan or interest rate analysis. Nothing on this web site contains an offer,
promise or otherwise, either to make a specific loan or that any participating
lender will make any loan for any purpose or on any specific terms. Please refer
to the Disclaimer
for further information on our disclaimer policies
A REALTOR® is a real estate professional who is a member of the
National Association of REALTORS®.
Baltimore, Baltimore county, Los Angeles, Los Angeles
HUD Homes, Baltimore hud homes, home loans, Veterans Affairs, veterans, VA,
mortgage, program, officer, teacher, Baltimore, U.S. Department of Housing,
veteran, military loans, fha homes, HUD, HUD homes, Baltimore real estate, va
homes, va foreclosures, va foreclosed, homes, Baltimore HUD homes, military,
federal, foreclosure, foreclosures, foreclosures, county, bel air, FHA, loan ,fha
loan ,fha mortgage ,home, loans, fha home loans , hud, programs, HUD, homes,
officer, next door, teacher, Nehemiah, Nehemiah program, hart, heart, housing
action resource trust, 203(k) ,203k, 203b, home improvement loan, improvement,
second, title 1, fha title 1,streamline,streamline refinance, stream, line,
streamline, cash, out, rates, fixed, rate, fixed, adjustable, adjustable
mortgage, arm, variable, mortgage, home loans espanol. buydown, buy down,
buydown, prequal, prequalification, pre-qualified, pre-qualification,
prequalified, preapproved, approved, pre, approval, preapproval, approval, real
estate, real, estate, real estate, estate, real, income, debts, credit, credit
report, credit scores, credit, fico, fico scores, fico score, single family
residence, duplex, triplex, fourplex, 2 unit, 3 unit,4 unit, down, down payment,
purchase, purchase, refinance, buy, buy a home, refinance mortgage, home loans,
refinance, gi bill, government , marine, corps, navy, mortgage, morgages,
Espanol,VA Loans .com offers Veterans Affairs VA home loans for US Army, US
Navy, US Air Force, US Marines, US Coast Guard, and US Military. Apply for a VA
Home Loan or VA refinance online from America's Leader in Military Lending,us
navy, military, navy, coast guard, marine, hud, veterans administration,
InstaMortgage, va loan, va home loan, army, va homes, valoan, va loans, usaa,
valoans, certificate of eligibility, dd-214
