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| *Loan,banking and credit>>>va loan |
What's so great about the VA home loan? |
I'm trying to understand the VA home loan... what makes it so much better than a normal loan? what are some pro's and con's? I've looked breifly at the site but I'm just not grasping it... If you do not have a 20 percent downpayment on a conventional loan you will have to pay PMI it is mortgage insurance in addition to your morttgage. With a VA loan a lot of the costs are put on the seller and you dont have to have a big down payment. You are also exemt from the PMI. Its a great way to get a place with little or no money down. The Va will also send an inspector out to the home and place a fair market value on it. They help you to not get ripped off. Are you a veteran? If not it won't help you because you are not eligible. Low down payment is usually the most enticing thing on a VA loan. The biggest advantage is that one can be had with no down payment, the government guarantees the loan for the bank. The biggest disadvantage is that in a poor housing market it's possible to have a loan for more than the house is worth. This would make it very hard to sell if you have a problem. 鈽? A VA loan is not totally score driven and you dont have to put a down payment in most cases. the VA does not loan money they just insure the loan! the loan is put thru lenders that do va loans and you must pay the VA a 2% fee on top of the other fees you would normally have if your credit is not real bad there are better and cheaper options! check around for your options here is one source I like! www.directlendingplanet.com |
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