I am just wrapping up yet another wonderful 100% financing VA LOAN!!!!!
The way a VA Loan works is you pay a "Funding Fee" to the government up front. This Funding Fee is basically a mortgage insurance you pay for up front and then the government insures the loan against forclosure. The VA allows the borrower to roll the Funding Fee into the loan and now we are at 103% financing. Get this: you can even add another $6000 to the loan if you wish to upgrade the appliances to something more efficient! There is no monthly mortgage insurance fee; this is the benefit for the Veteran.
To qualify for a 100% VA Loan you must be:
- owner occupied
- able to prove your income qualifies you
- a US Armed Forces Veteran in good standing
- at or under a $417,000 purchase
- UP TO $737,500 IN SOME COUNTIES AS THE NEW "HIGH BALANCE GOV'T LOAN"
FICO scores and reserves are not critical for this loan and the seller can pay most of the closing costs!
Make sure you are reaching out to the Veterans you know to spread the word!!
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