If you have served in the US Military, or have VA eligibility then you should consider a VA loan. VA loans are still going strong and VA loans will still allow 100% financing up to a purchase price up to $625,000. In this market, that is a lot of house for the money! If you are looking for that loan over one million dollars, they are available on a VA loan, but with money down.
With a VA home loan you won’t pay for Private Mortgage Insurance (PMI). This is required if you put less than 20% down on your loan and this could translate between a $200-$400 a month savings. With no PMI, this means more savings.
Sellers are able to credit the Veteran for their closing costs, which will help save with your out-of-pocket expense. Since none of us really like paying for closing costs, fortunately for the Veterans a lot of these costs are waived.
When considering a VA loan, make sure your property or condo is VA eligible, since not all condominiums or properties are eligible for VA financing.
To see if a particular condominium or property is eligible, contact me Tara Kelly, RS, for more information at (808) 542-6014. To see if you are eligible for a VA loan, contact Pam Davis at email@example.com.
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