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The VA Home Loan? Read This First
If you are a first time home buyer, you can be a bit confused about the different loans available to you. The following is a list of top 10 benefits of a VA loan program offers in comparison to the FHA or conventional financing.
First Initial No money required.
There is no need for a VA loan to pay. Veteran can choose to put down a deposit. However, the deposit is not a prerequisite for purchase. Many of the other loans are a down payment is 3.5% (FHA loans) 20% of the purchase price of the purchase price of conventional loans. Recently, 100% financing offered to traditional loan, but this has caused the housing crisis. At this writing, the Veterans Administration loan program is only $ 0 down, financing 100% of the loan program available.
2. No closing cost option.
There are many closing costs that are required for other loans. Closing costs include insurance, title insurance, inspection fees Escrow fees, taxes, etc. If the buyer of an offer of childcare VA loan to buy the perfect way, the closing costs paid by the seller, not the buyer. On average, the final cost exceeds 3-5% of the purchase price of the house. It may simply thousands of dollars. If you buy a house with a conventional loan, you may be required to pay $ 30 000 or more for closing costs. With a VA home loan, you might not pay anything
3. Not allowed closing costs.
Even if the seller refuses to pay all closing costs (or the buyer chooses to pay), the US Department of Veterans Administration still limit the costs that the buyer can afford. In a conventional purchase transaction, the buyer may be charged for the following: Doc PREP (Preparation of documentation) fees, transportation costs, escrow and legal fees, inspection fees photo, lock interest rates - in fees, postage and other distribution costs, stationery, telephone and other overhead, amortization schedules and fees or admission charges Escrow or fees, notary fees, preparation and assignment of mortgages to other buyers on the secondary market, the trustee's fees or costs, loan application or processing fees, fees for preparation of the statement disclosing the truth in lending, the cost of fees for loan brokers, researchers and other third parties, and the cost of tax services. But with VA home loans, these costs are not allowed.
4. VA certificate of value.
When buying a house with a conventional loan or cash will have to rely on evaluation as a means of determining the property value. The Veterans Administration will issue a certificate of reasonable value. This certificate is valid for a maximum of 6 months. Besides this, the CRV (certificate of reasonable value) is valid for 6 months and good for any transaction of VA, not only wrote the contract.
5. The inspection of the house in Virginia.
During the evaluation, the VA inspector must verify that the property meets all codes of the Veterans Administration. The property must be in habitable condition. VA protects the buyer to purchase a property is in poor condition. VA inspector will check the roof, furnace, plumbing, etc. If the property is not to code VA, the Veterans Administration requires that repairs be made at home at no cost to the buyer VA.