Things you need to know about VA Loans
Happy Veteran’s day. For the vast majority of military borrowers, VA loans represent the most powerful lending program for the market. No DP- loans have helped a lot to get their dream home since 1944.
However, here is what you need to know about VA loans that most people do not know:
1. Reusable- You can use your VA Loans over and over again as long as you pay off the loan in time. Even if you lost one due to foreclosure you can still avail and use it once more.
2. VA Loans are for certain types of homes only- VA loans are designed for ready to move houses. So if you are planning to buy a farm or a DELI you cannot. Condos, modular, single property homes, and multifamily homes are accepted.
3. For Primary residences only- It cannot be used for investment.
4. Guaranteed by the Government- If you are entitled the agency provides you up to a quarter of the loan amount.
5. Available even for disclosures and bankruptcy
6. No Mortgage insurance- saves you money since the program guarantees it.
7. Mandatory fees- There is no insurance but there is a mandatory fee of 2% from the loan amount. It is usually called a VA funding fee.
8. No prepayment Penalty- You can make extra payments anytime you want that saves money in interest over the life of your loan.
Finding a home is difficult especially if there is less inventory We will walk you through the whole process.Visit our website at www.lasvegasfindahome.com, we will help you find one and also assist you. Give us a call Nevada Realty Connection 170 S. Green Valley Pkwy Suite 300,Henderson, NV 89012702-845-8540 Cell 702-318-7228 Office
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