Tuesday, April 28, 2009

VA Loans - Home Loans with no down payment

You’ve served your country. Your country would like to do something for you in return. If you’re a veteran, a VA loan may help you secure a home with no down payment.
10/1 ARM7/1 ARM3/1 ARM1 year ARM6 month ARM1 month ARM
Qualified veterans may be eligible to finance up to 100% of the sales price of the home
Rates are comparable to Conventional and FHA loans
Can get up to 6% concession from the seller towards buyer's closing costs
The maximum loan limit set by the VA is $417,000
You will need an updated Certificate of Eligibility and DD214 to apply

2 comments:

  1. As mentioned, when applying for a home loan with bad credit, affordability is the key. The debt-to-income ratio effectively establishes the limit to what is affordable to an applicant. Its 40:60 rate means that no more than 40% of excess income can be used for repayments. For example, with $1,000 to spare, repayments cannot be more than $400 for Hawaii mortgage loans.

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