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| *Loan,banking and credit>>>va loan |
Is it typical for a lender to charge a PMI on a VA loan? |
I live in Las Vegas, NV and am purchasing a home. I want to go VA, because I don't want to put anything down. However, my current lender-to-be is including mortgage insurance. I was told that VA loans don't typically need PMI. I am wondering if I am getting screwed... All of these answers are slightly incorrect. VA does have mortgage insurance, but it is financed through the VA funding fee the is collected through the loan, resulting in no monthly payments. Size of fee, depends on if you've used your VA benefits before, or in other words on your entitlement. Still though, you should not see a MI or PMI payment present on your good faith estimate. It could simply be a mistake, most loan systems are automated now and these things happen. If still in doubt, ask for a copy of a Rate Lock. it will among other things indicate the type and interest rate of the loan that has been secured. If you are still in doubt, contact the department of Veteran's Affairs. They are very protective of our veterans and will quickly get right to the heart of the matter. If nothing else they can place you with an alternative, local lender that can help you. Ignore the wolves in sheep's clothing trying to solicit your business. If you can get seller credits to pay your closing costs, VA is the best thing going right now. Ability to do a appraisal-less, 14 day streamline refinance, permission to let another veteran assume your loan, slightly below market interest rates....yes, take it. It beats the snot out of any conventional loan even if you have excellent credit. Source(s): http://www.homeloans.va.gov/faqpreln.htm... there is no PMI required! brokers love va loans they get paid more!!! you pay 2 % to the va to get the loan plus the lenders fees buy the time your done your paying 5% in fees there is a cheaper way to go and still get a great rate! If you qualify for a normal fixed rate it will save you check out the VA rates and points you have to pay! the same rate you want with va can be achieved without paying all the points there are other options avalible to you look here and see if they beat it! Ill bet they beat what you have in hand by alot! try here for options they can give you a clear picture www.directlendingplanet.com http://www.militaryvaloan.com/varates.ht... http://www.directlendingplanet.com/quote... Not only does the VA not require PMI, it also prohibits lenders from requiring it. Your lender is a dimwit and you need to run like the wind and report them! Anyone that tells you otherwise is also a dimwit! http://www.freshstartmortgagehomes.com... I always thought there was no PMI on VA loans. I would find another mortgage broker. Go to a credit union. |
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