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va loans: VA Loans: Pros & Cons - 10/26/11 03:55 AM
If you’re a qualifying veteran or service member, a VA mortgage can be a great deal. VA mortgages offer a lot of benefits, including being one of the few 100% financing options available. There are however, certain situations where you may be better off going with a FHA mortgage or a conventional loan backed by Fannie Mae or Freddie Mac.
Pros of a VA home loan
The government guarantees at least one-quarter of the loan amount on a VA mortgage, which is why you don’t need to put up a down payment. It’s also why you don’t have to buy mortgage insurance, which is … (0 comments)
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va loans: FHA may be Your Best Choice - 07/04/11 11:10 PM
The demise of subprime, no-documentation and no-down-payment loans is more than three years in our rear view windows. Many folks with credit challenges and little cash have turned to Federal Housing Administration (FHA) and Veterans Affairs (VA) loans for their home financing needs.\
While the FHA has recently tightened itsstandards, it’s one of the only options for a low down payment. Consider the following:
FHA loans require just a 3.50 percent down payment in most areas. Maximum allowable loan amounts vary from $271,050 to $793,750, depending upon the area. Interest rates are competitive. Today’s 30-year fixed rates are as low as … (3 comments)
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va loans: VA Loan Amount Increase - Effective Immediately - 11/19/07 01:18 PM
Effective immediately, VA loans up to $1,500,000 may be eligible for purchase.
Guaranteed loans to conforming conventional loan limits continue to be eligible under the existing guidelines.
Additionally, the following requirements apply as indicated.
VA loan amounts greater than the one-unit conforming loan limits, $417,150, but less than or equal to $700,000:
• 30-year fixed-rate product only.
• Secondary financing not allowed.
• Temporary interest rate buydowns are not allowed.
• Refer to the rate sheet for adjusters on VA loans over the conforming loan limit.
Note: The veteran's maximum guaranty amount is not changing.
VA loan amounts greater than $700,000 and less than or equal to $1,500,000 may … (0 comments)
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Stephen Katz
Atlanta,
GA
More about me…
Katz Mortgage Team, a branch of VanDyk Mortgage Corporation
Address: 800 Johnson Ferry Road, Atlanta, GA, 30342
Office Phone: (866) 742-8400
Cell Phone: (770) 552-1000
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