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Patrick AFB Relocation: Is A No Down Payment VA Loan A Good Idea?
This article is part of "The Patrick AFB Online Relocation Package".
 


Many, if not most of my clients decide to use their VA benefit and go with a VA loan and for many reasons it's a great idea. Also many decide to do a 100% financing VA loan (no down payment) and I think that is a great idea too, but one that involves some risk.One of the biggest advantages of a VA loan is that you can still do 100% financing. With all of the recent problems is the mortgage industry, 100% financing which was readily available a few years ago in many types of loans is no longer an option.Another advantage is that there is no PMI (Private Mortgage Insurance) that gets added to your home payment. Typically PMI can cost between one half to one percent of the loan, according to the Mortgage Bankers Association of America. On a $150,000 home with 10% down the PMI can range anywhere from $56.25 to $112.50 per month added to your payment.Although there is no PMI with a VA loan there is what is called the "VA Funding Fee". This paid by the veteran upfront so they contribute to the cost ... more

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