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VA in Salt Lake City

By Shane Barker

Mortgage and Lending with Amerifirst Financial, INC.

February 28, 2013 07:55 AM

VA in Salt Lake City

VA Loans can be complex, tricky, and time consuming, that is, if you don't know what you're doing. VA Loans, once familiar with them, can be as easy, quick, and painless as your regular Conventional Loan. You've just got to have the right Loan Officer for the job with a VA in Salt Lake City.

A VA Loan is a wonderful option for our Veterans out there who have earned the right for this special loan. Some advantages of using a VA Loan over Conventional or FHA financing:

1. 100% Financing available: You can borrower up to 100% of the purchase price of the property, so in a lot of cases, you won't have to bring a cent to the closing.

2. Better Interest Rates: For the most part, you'll find better rates and lender credit available to you compared to a Conventional Loan. Qualification becnhmarks like credit score to play a factor, but all things being equal, you'll most likely end up with a better rate and lower fees on a VA Loan than a Conventional.

3. Easier to Qualify for: Generally, it's easier to qualify for a VA in Salt Lake City over any other type of loan out there. The VA and most lenders will allow for lower minimum credit scores and higher debt-to-income ratios than both Conventional and FHA loans. Nice, huh?

4. No Monthly Mortgage Insurance: On both Conventional and FHA loans if you don't bring in at least 20% cash to the closing you will be charged monthly mortgage insurance. This is not the same as the hazard insurance you place on the home in case of fire. Monthly mortgage insurance, sometimes called PMI or MIP, is an added payment the lender will charge that insures the bank in case of default on the loan. It does not benefit you at all, it's just added expense each month that you don't want to pay, and with a VA in Salt Lake City, you won't!

5. Assumability: VA in Salt Lake City are assumable by other veterans and, in some cases, by civilians. This means that if you get into a VA Loan today at a very low rate and decide to sell your home in 5 years and the rates are much higher then, you can allow someone buying your home to take over your VA Loan at the same rate and payment you have on the VA Loan, as long as they qualify. That is a great selling point if rates are higher when you sell the property.

These are just a few of many benefits to using a VA in Salt Lake City over other financing options. If you are looking into your financing options and are eligible for a VA Loan but are not familiar with them or sure where to start feel free to give me a call. I'd be happy to give you any info on this great loan program and how it compares to the others out there.