Oct 26 2009
VA Home Loans
What is a VA home loan and why should I use VA instead of a Conventional home loan?
VA home loans are made by private lenders, such as banks savings and loans or mortgage companies. These loans are made to eligible veterans for the purchase of a home for their own personal occupancy. VA guarantees the loan to protect the lender against loss if the payments are not made.
These days conventional home loans are requiring you to put down 10% to 20% down on a home. That would be a minimum of $20,000 you would need to put down on a $200,000 home. With a VA home loan you put O down. I don’t know about you but I would prefer to put O down on a home. Conventional loans also require you have PMI insurance which will add to your monthly payment. VA guarantees your home loan so you do not pay PMI insurance. When you use your VA you will pay a VA funding fee but it’s better than paying PMI insurance every month.
The lender I work with is very knowledgeable when it comes to VA loans. They will beat any other lender’s interest rates in the area. For more information feel free to contact me or just give me a call. Ken Asher (719) 930-7817
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