I went to a great VA lending seminar today and got some really inspiring information. Some qualified military members qualify and don’t even know it! It is a program offered to past and present members and you can use it over and over. Some of the reasons why you should utilize it are:
Lower interest rates
Fixed 30 year loan
Zero down/ 100% financing
No prepayment penalties
Liberal credit guidelines
Credit scores 640 and up usually qualify
No BK or foreclosure for at least 24 months
The maximum loan amount for SD county is $537,500. The limit varies from county to county. There is a VA Jumbo that can go up to 1,500,000.
There is a small funding fee for the first time use with 0 percent down and each subsequent use but if you put 509% down that number lowers significantly. Also if you are collecting disability pay it could go away completely.
In some cases you housing allowance could be more than your monthly payment which would mean you would be making money by owning a home.
You might be eligible and get a much better deal than people going in conventional. If you are eligible and not taking advantage I have but one question, Why?
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