Whether you are active military or reservist you may qualify for VA financing. Certain members of the military can qualify without having to have specific years of service. If you served on foreign soil you may qualify automatically to be able to utilize the program and get 100% financing.
When purchasing a home, those qualified for VA financing may not be required a down payment. VA also requires a funding fee that may also be financed over and above the 100%. The funding fee is a form of mortgage insurance you will pay that can be paid up front or financed and certain members who are disabled in one form or another may even become exempt from this fee. There is no monthly mortgage insurance cost like there is for anFHA loan.
If you are a vetern or reservist who qualifies for VA, you may also get seller assistance for closing costs and prepaids on your behalf when you negotiate your contract. This in turn allows you to be able to purchase a home for no money out of pocket. Linda Greco Rich is a full time Realtor who will help you. Call Linda at 410.877.4804 to get started on your home search.
You may also be able to pay off debts to qualify plus there are programs in conjunction with VA financing such as MMP and bond monies available for assistance, as well. Call Tom Cumpston with First Home Mortgage to get your loan information at 410.808.4211. Tom is a specialist in helping VA borrowers.