Home Loans: VA Financing
Advantage Mortgage Service - Su Casa Project
The Veterans Administration (VA) guarantees home loans made by lending institutions to qualified veterans and service personnel. The advantages of VA guaranteed financing are:
- No down payment required in most cases.
- Loan Amount up to 100% of property value, to VA maximum loan limit.
- NO monthly Mortgage Insurance, even at 100% financing!
- Seller may pay part or all of buyer's closing costs.
- Mortgage is Assumable, to a qualified buyer (subject to VA approval).
- NO Prepayment Penalty.
- Fixed Rates.
- Loan amounts to $203,000!
Notes to VA Loans:
- Owner occupied residence only.
- Co-borrower must be spouse or another veteran.
- A VA "No-no" is a loan in which the veteran puts no money down and the seller pays all closing costs.
- The VA Funding Fee (from zero to 3% of the loan amount) may be financed in the loan, up to the maximum VA loan limit ($203,000).
For additional information or problems reading these pages, please contact Webmaster:
MacnSan@aol.com, Marilou McSherry, copyright © 1997. Last Revised: 1/15/2000.
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