If you haven't looked into the particulars of a VA loan in awhile, take a look now. Guaranteed mortgages loans for veterans are a lot easier to obtain since the Veterans Administration made its procedures more user-friendly a few years ago.
Important changes in the VA home Loan Guaranty Program include:
•· Sellers are no longer required to pay points when buyers purchase using a VA-backed loan, and
•· The VA no longer sets interest rates
The Va loan program allows vets to buy homes with no down payment, in most cases, and with no monthly mortgage insurance either. The debt-to-income proportion can be as high as 41%, and up-front costs are lower than with most conventional loans. Vets can currently borrow up to $203,000, and loans are assumable with VA approval.
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