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The VA
loan program can make it much easier for veterans to secure a home than
with other loan solutions. This program is available to veterans and
guaranteed by the U.S. Veteran’s Administration. Frequently VA loans offer
lower interest rates than conventional financing. In addition, with a VA-guaranteed
loan, there is no private mortgage insurance requirement, which saves you
even more money each month.
These
loans have many advantages over other types of loans, which I have outlined
below:
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Available
to veterans, reservists, active-duty personnel, and surviving spouses
of veterans based on military entitlement
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No
down payment
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No
cash reserves
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No
application fee
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Seller
is required to pay certain closing costs, decreasing the closing costs
for the borrower
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May pay
off some consumer debt with the refinance loan program
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1-4
unit primary residences may qualify with restrictions
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Up to 100%
financing (based on VA lending limits) may be available for purchase loans
and up to 90% for cash-out refinances. Gift funds or bond programs for down
payment and closing cost assistance are allowed.
I am very
familiar with the requirements, restrictions and benefits of the VA loan
programs. If you think you may qualify for a VA loan, contact me to set up
an appointment and we’ll see what we can do for you!
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