The VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
The Veterans Benefit Act, signed recently increased the VA loan limit to $417,000 for a loan with no money down. It increased the eligibility Veteran and of active duty personnel and increased the benefits to Disabled Veterans.
Some of the benefits of the VA Mortgage Loan Program are:
• The VA Mortgage Loans is guaranteed for no money down up to $417,000
• No monthly Home Owner’s Insurance is required
• Many VA Mortgage Loans are assumable
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be refinanced
No Money Down Up to $417,000
You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $417,000.
The VA Funding Fee
The Veterans Administration assesses a Funding Fee to all VA loans between 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan.
Assumable VA Mortgage Loans
VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan a the beginning.