LogFAQs > #931253588

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Topic	Who here knows a ton about VA loans?
HornedLion 12/07/19 9:15:10 PM #10:	A VA loan is a VA guaranteed loan. Meaning that it guarantees a certain portion of the loan amount because Uncle Sam loves you. -Max Guarantee is 25% of the purchase price or sales value -Available for the purchase of Owner-Occupied single family homes or multi family dwellings up to four units, as long as your ass is living in one -NO down payment -NO prepayment penalty Youll need to have the COE(Certificate OF eligibility) and your DD214 if youve been discharged. Principal, Interest, Taxes, and Insurance and ALL other debt must be no more than 41% of your gross monthly income AND you must also meet the residual income requirements. You also must occupy within 60 days from closing and for at least a year. Congratulations! For you there is NO MORTGAGE INSURANCE, son! But there is a one-time non-refundable variable VA funding fee. BUT that can be included in the loan!!!! Uncle Sam REALLY loves your ass. If you have a disability the fee may be waived. VA loans are permitted to contain up to 4% seller concessions. Late fees are 4% of the monthly principal and interest. Max term is 30 years. Theres more but theres some stuff to chew on. --- Don't runaway from troubles... instead meet them Hedons. <cite>HornedLion posted [p:931253588] in Who here k... [t:78235255]...</cite> <quote>A VA loan is a VA guaranteed loan. Meaning that it guarantees a certain portion of the loan amount because Uncle Sam loves you. -Max Guarantee is 25% of the purchase price or sales value -Available for the purchase of Owner-Occupied single family homes or multi family dwellings up to four units, as long as your ass is living in one -NO down payment -NO prepayment penalty Youll need to have the COE(Certificate OF eligibility) and your DD214 if youve been discharged. Principal, Interest, Taxes, and Insurance and ALL other debt must be no more than 41% of your gross monthly income AND you must also meet the residual income requirements. You also must occupy within 60 days from closing and for at least a year. Congratulations! For you there is NO MORTGAGE INSURANCE, son! But there is a one-time non-refundable variable VA funding fee. BUT that can be included in the loan!!!! Uncle Sam REALLY loves your ass. If you have a disability the fee may be waived. VA loans are permitted to contain up to 4% seller concessions. Late fees are 4% of the monthly principal and interest. Max term is 30 years. Theres more but theres some stuff to chew on. --- Don't runaway from troubles... instead meet them Hedons.</quote> ... Copied to Clipboard!
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