Posts Tagged ‘ VA ’

VA Home Loan Basics For Realtors

Are you asking your buyers if they’re veterans of the U.S. Armed Forces? There are 25 million veterans in the U.S. today, 2 million of which are women. While more than two-thirds of them are over 40, a substantial number could benefit from the Veteran’s Administration (VA) Home Loan Program.

The VA Home Loan Program is the only national 100% financing loan program. Veterans can purchase a home with no down payment and the seller can contribute up to 4% of the home price for their non-recurring closing costs and impounds.

Often referred to as the VA No-No program, combining the max sellers’ closing cost contribution with a VA home loan affords buyers the chance to “get into a home”, for no money, at a below market rate.

There are no “stated income” options nor “interest-only” options for a VA home loan. Veterans must qualify on full income documentation. Their total monthly obligations (including the proposed mortgage payment) must be under 43% of their monthly income unless they Continue reading this post

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Posted by: Brian Brady on August 28th, 2008 under Financing, Mortgage and Home Loans, Guest Bloggers

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