VA Mortgage No Money Down 100% Financing
VA stands for VETERANS AFFAIRS OR VETERANS ADMINISTRATION. VA offers home loans to Veterans with a Certificate of Eligibility. This is a Certificate that can be ordered by the lender using the Veteran DD214 form and notifies the lender that the Veteran is eligible for this type of loan. One of the requirements for a Certificate of Eligibility would be an honorable discharge or current status with the military. All past and present military personnel are eligible as long as they meet certain criteria as set forth by the US Military. The VA does not lend the money. They guaranty the loan for the lender which makes it easier for the lender to approve the loan. Loans that are guaranteed by the government are usually less stringent in guidelines and criteria for the potential homebuyer. Another advantage to getting a VA loan is the no downpayment guideline. VA does not require a downpayment and offers 100% financing. There is a VA funding fee that varies whether it is a purchase or refinance. The VA funding fee is paid at closing and can range up to 3.5% of the loan amount. Seller’s assistance and Grant assistance are also acceptable for VA financing and in some cases potential homebuyers can go to closing with little to no money. One of the disadvantages to a VA loan is the VA funding fee. This fee can seem a little steep if you have to pay this at closing. Depending on the loan amount. You can get more program guidelines and eligibility criteria by going to http://www.benefits.va.gov/homeloans.
