One of the best 100% loans still around is the Veterans Administration loan. Also known as the VA Loan, this loan program is specifically for persons that have served in the military. Over the years, we have helped many homeowners use the VA Loan to purchase their Greenwood IN homes.
When using the VA Loan to purchase your Greenwood IN home, Veterans (or active duty service people who have served enough years to earn their eligibility) can borrow more than 100% of the sales price of the home.
Here's how it works: When you use the VA Loan to purchase your Greenwood IN home, you're going to pay a VA Funding Fee. This VA Funding Fee is normally about 1.25% - 3.3% of the loan amount (this amount is going to vary somewhat depending on whether you have been full-time military or reservist and whether you have used your VA eligibility before).
This funding fee then gets added onto your loan amount and if you are entering the home with no money down your loan amount is 100% of the sale price of the home. Add the VA Funding Fee to this amount and that is how VA is able to finance more than 100% of the sale price of the home. It's quite possible that Disabled American Veterans may be exempt from paying this Funding Fee, so be sure to check on that if you are a DAV.
Another huge advantage of using the VA Loan to purchase your Greenwood IN home, besides not needing a down payment, is the fact that these loans have no monthly mortgage insurance! That's always good news and another way to keep your monthly house payment down.
If you're thinking about using the VA Loan to purchase your new Greenwood IN home, be sure you have your VA Eligibility Certificate handy. Not sure where yours is? Click Here to obtain it. You definitely don't want this to be a last minute hang up when you've found your Greenwood IN dream home.
Rates for using a VA Loan to purchase your Greenwood IN home are very competitive and qualification is not difficult. But it will be important for you to talk with a local Greenwood IN Mortgage Lender so you know what the VA Loan Limits are for your particular area.
The bottom line is, if you've served in the military, be sure to ask about using the VA Loan to purchase your Greenwood IN home. And most importantly, thanks for serving our country. We appreciate all you do.
By the way, this information was provided for us by Jody Bleier at Stonegate Mortgage. If you're wanting a quick response and excellent service, contact Jody NOW at: 317.213.1387 Also . . . be sure to ask Jody about using the VA Loan to refinance your current mortgage, as well!
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