If you are eligible for a VA loan, you can take advantage of some really great terms including no down payment.
VA Financing is one of the very few options available for no-money-down mortgage financing. Another benefit is that it is easier to qualify for a VA loan because debt-to-income ratios are more generous than for conventional financing.
Other benefits are:
- No private mortgage insurance (keeping your monthly payments lower)
- Loans are assumable by another qualified Veteran borrower.
- Borrowers may apply for a loan sooner after a bankruptcy
VA Financing can be used for homes, condos in VA approved complexes and manufactured homes. The home must be your primary residence and only property.
VA loans cannot be used for fixers or homes in poor condition. If you want to buy a home with VA financing your real estate broker can explain about defects and repair issues that will cause a home, or condo not to qualify.
Here in the greater Sacramento area, there are many homeowners who have taken advantage of VA financing. Perhaps you should join them! Here's a link to eligibility requirements from the VA. Please not that if you do not qualify for a VA loan, you may qualify for CALVET financing (assuming that you are in California). My next blog will address CAVET loans.
Thanks for reading my blog and let me know if I can help you find a home or condo. I am a certified Military Relocation Professional and want to help our veterans and service members find great homes for fair prices. If you want to know more about me and my business, or communities in the Sacramento area, including the foothills, please visit my website at Ask-Pamela.com
Call me if you want to talk (916) 837-4500.