14 things you did not know about VA loans

June 14, 2017

Let’s face it the VA loan is the best loan for either a refinance or purchase transaction.  But some vets and even lenders do not know.

 

www.veteransunited.com/valoans/10-things-many-borrowers-dont-know-about-va-loan

 

 

  1. They are reusable. You can only use your entitlement

 

  1. They are only for certain types of homes move in ready single family residences. No fixer uppers.

 

  1. They are for primary residences. No vacation homes or rentals unless duplex, triplex four-plex owner occupied

 

  1. They are not issued by the VA. Lenders lend the money and the VA Guarantees the loan for each qualified VA loan.

 

  1. Guaranteed by the government up to 25% which gives lenders reassurance leads to great rates for Vets

 

  1. They are available despite foreclosure or Bankruptcy. Two year wait is standard and one year wait in extenuating circumstance not divorce

 

  1. They do not have mortgage insurance. Cheaper payment

 

  1. They come with a mandatory funding fee depending on how much you put down and hoe many times it has been used. No funding fee for disabled Vets

 

  1. They have limits in co-borrowers. Can be a spouse, another Veteran, or a care giver,

 

  1. They do not have prepayment penalties. Can pay down

 

  1. They are assumable

 

  1. The Veteran may not pay some fees They lender or seller is required to pay them

 

  1. VA does not have a FICO score requirement but the lenders do, Veterans United , Wells Fargo, USAA all have restrictions

 

  1. You can buy or refinance a Mobile home at 100% LTV. Needs to affixed to land you can own and meet the VA requirements.  No parks with lot rent
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