Va Home Loans With 100% Financing for Veterans and Active Military Members
Category : Home Mortgage
I thought it would be prudent to discus some of the outstanding benefits of the VA home loan program at the time when the banks in our country are going through an exceptionally difficult time thereby, hindering numerous home buyers from obtaining mortgage financing without perfect credit and a down payment. Currently the VA home loan as I like to say is “the last of the Mohicans” in regards to 100% financing for home purchase and now refinance. In the past few years we’ve seen both conventional loans and FHA loans tighten their credit and down payment requirements. At the time of this article both programs require 3% down as a minimum down payment. FHA will begin to require 3.5% down starting in January 1, 2009. Not only that but each require expensive monthly mortgage insurance premiums to insure the lenders in case of loan default (think of it as foreclosure insurance), with premiums on the rise.
That takes us back to some of the main advantages of the VA home loan.
- The VA mortgage loan is 100% financing with no down payment required.
- As of the middle of 2008 the maximum loan amount is now dependant on the Freddie Mac county specific loan limits. Some high cost counties in California and New York for example can have limits as high as $729,500 with zero down.
- No monthly Mortgage Insurance Premiums. This is a huge benefit and can save veteran’s possibly hundreds of dollars a month depending on loan size and credit score.
- No prepayment penalty.
- Credit flexibility – perfect credit isn’t required but poor credit borrowers will still have obstacles
- Interest rates are competitive with conventional loans
- New – VA refinance cash out rules have just been updated so that homeowners can refinance up to 100% of the value of their home. Previous to this it had been capped at 90%.
There several advantages and really too many to list, but if you are an eligible veteran and thinking of purchasing or refinancing your existing mortgage. You need to at least explore the VA home loan
option before you make your mortgage decision. I suggest you speak with a VA Lender that specializes in VA financing. Many lenders out there may have the ability to close a VA loans but the underwriting guidelines are very confusing and problems can arise with inexperience loan officers.
Josh is one of the top VA loan officer’s in the nation. He has close in excess of $50,000,000 (328 units) in the past 6 years. He currently work for BMS, a subsidiary of 1st national Bank.
Watch the video related to home loan
John Fortune & John Bird on the South Bank show perform one of their trademark comedic–yet informative–interviews, this one related to the subprime mortgage loan issues of today.
Help answer the question about home loan
How can I use my VA home loan Certificate with bad credit and my wife has good credit?We found a great deal on a great dream home. My wife has been pre-approved for a 150k home. The home we are attempting to buy has been countered at 165k We are prepared to put down 6k. That leaves a 9k gap.I am a veteran and would like to use my VA garantee on the loan if possible to either cover this gap or get 100% financing.
There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected.
The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation. Read more about it at: http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan
I am a mortgage examiner in the State of Michigan. Your situation depends on where you are going for your mortgage. If you go to a mortgage broker, they may be able to shop around to find you the best lender – just please be careful when choosing a broker. There is so much fraud here – people are getting ripped off left and right. You can always call the Office of Finanical and Insurance Services to inquire on a broker (or lender, for that matter). If you decide to go straight to the lender, understand what they plan to do with your loan first – many of them sell loans on the secondary market.
The most important thing to remember is to ALWAYS review every piece of paper you sign. This is where some of the fraudsters are taking thousands of dollars from unsuspecting people.
Anyway, as long as your b-friend has a great credit score, steady income and proof as to why he didn't make that kind of money in the last month – you guys should be okay. Don't bring up what could happen in the future, cause you aren't a fortune teller. Keep it honest and things will work out.
Don't sweat the petty things and don't pet the sweaty things…..
I have a Sure Safe Steel Buttress foiundation and I take offence to your remarks which I find to be bassless. This is the only foundation that turne a manufactured home into a real home–ask someone who has one. I can only conclude you have no experience with the foundation or your are a competitor.
Looks pretty sharp to me.
FDIC is great and all, but it has almost nothing to do with lending. FDIC means that they have a Federal Deposit Insurance Company protecting your deposits (checking, savings, CDs, IRAs, etc) in the case of the bank going belly up. If the bank ends up getting in trouble, they will sell your loan off to another bank or financial institution for the capital. This can happen in large banks as well as small banks, especially the way the economy is right now.
To test this small bank for their federal guidelines, when you walk in next time ask them where they have posted their Community Reinvestment Act public notice. If they look at you like they have to no idea what you are talking about, walk back out the door and don't look back. If they have one, take a seat!!
No, there are no loans for more then 96.5% of the sales price, that is as high as it is possible to go.
John Paul,
First, I hope you contacted a good, reputable loan office BEFORE putting an offer on a home. And I hope you are getting good professional guidance through the process. The home buying process can be a thorny one if not handled properly…and the same is true of the home loan process.
There is no question that there are some great deals out there…and some great rates. But you have to think of the online deals as "big tent" offerings … while they may well apply to your particular circumstance … they also very well may not. Every lender, online or off, has their pool of offerings … some broader than others. Each has certain criteria that must be followed in securing that loan. And not every loan is available for every borrower. Are you self employed? Do you have a regular salary? Do you get hourly pay? How long have you been working for your current employer? What other fixed debts do you have? Do you pay child support or allimony? Do you have any positive or negative offsetting factors? What are your credit scores? These things, and many other factors, impact what type of loans you may qualify for … and what types may not be available to you at all.
I've never been a fan of "shopping rates" for the simple reason that they don't tell the whole story. I remember a buyer of one of my listings "got a great deal" from a particular lender (which he happened to find online). Problem was when he got to closing NOTHING in the loan package bore any resemblance to the loan he THOUGHT he was getting! He thought it was a fixed rate loan … it was not. The rate he'd been quoted was not the rate he actually got. He'd never heard of "negative amortization", and his loan had it. He never gave any thought to a "prepayment penalty" … his loan had that, too! With a lot of work we were able to get the prepayment penalty waived (this is a BIGGIE because the penalty was over $7,000 in the event he sold his home or refinanced within the FIRST 3 YEARS of the loan!) Even though the terms were horrible, he DID close on his purchase … and went right out and immediately refinanced his new home!
My point is that WHAT YOU DON'T KNOW can cost you big time. This is not something to "wing it" with. Talk to friends & coworkers & family who've dealt with reliable lenders in the past and ask for recommendations. Most certainly if you are working with a real estate agent, ask them for recommendations as well. We deal with lenders all the time and if the agent is experienced, they have an assortment of lenders they know are professional, reliable, ethical people … and they also know who to avoid!!!! Talk to a few recommended lenders … have them prequalify / preapprove you, making recommendations on programs they think your financial profile best fits. As long as the rates they offer are "in line" with with the market in general, I wouldn't worry about getting the best "deal". When you're looking at just raw numbers, you don't know what is being "cut" to get to that number. Quite often it's reliability and/or service.
By the way, my preference is to ALWAYS deal with a lender who will shephard you through the process from application to closing on your purchase. As the process moves along, you want to have a real live person you can call to answer questions, follow up to be sure all the proper steps are being taken, and to hold accountable if/when they're not.
Good luck! I know this is an exciting time and I hope all goes well for you!
I wouldn't see why not. As far as I know, there are no limits on how many mortgage loans one can have. I don't know if that applies in foreign countries, though.
As long as you can continue to make your monthly payments, that's all mortgage companies care about.
well that sounds good but that wouldnt pass inspection in midland county michigan i just put in a manufactured home and i had to put in 16 inch round footings which had to be 42 inches deep your guys footing will still move with frost heaving from frost is the second strongest force in the world besides plate tectonics so your guys solution sucks
As a rule its 2 years in the same job field. It does not need to be the exact same job at the same company just the same field really. Also you may want to tell this person to get a quote from more than one mortgage person. Try going thru a bank like chase bank…. forget brokers they are more like a middle man. I'm sure i'll get thumbs down for that comment… good luck!
if the seller is asking more for the house than what the lender thinks its
worth they won't give you the loan. the lender you are going to use
will appraise the house and if the price you are paying for the house is the same or less than the appraisal they will loan you that amount. if their
asking more for the house than it appraises your not going to get a loan.
your not going to borrow more money than what the value of the home
is. if the asking price is 200,000 and it appraises for that, that's how much you will get, not any more. you won't see any of the money, your
lender will pay directly to the title holder of the house.
To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.
If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.