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VA Loans
What is a VA loan?
VA loans were created to help our active duty, reserves, national guard, veterans, and eligible surviving spouses obtain home ownership.
What types of properties can I buy with a VA loan?
VA can only be used for primary residence. It can be used for 2 – 4 unit properties, as long as you are going to live in one of the units.
What are some of the benefits of a VA loan?
- No down payment is required. You can finance 100%
- VA Limits the amount you can be charged for closing cost.
- No mortgage insurance.
- Competitive rates.
What are some disadvantages?
- VA upfront funding fees are high. However, these fees can be waived under certain circumstances.
- Some sellers think VA loans take longer and the appraisals come in lower. This is not true as VA loans are approved using the same automated underwriting system used to approve FHA and Conventional loans.