Buying home with VA

[ae708]

Is there an advantage to buying a home using my VA elegibility? My understanding is that if you don't have the 20% down payment, by using VA you don't have to pay the mortgage insurance. Can someone tell me the pros and cons of using VA financing? Thanks in advance.....

 

[eurolarva]

Re: Buying home with VA

The main thing is what you mentioned. Zero down with no mortgage insurance. When we bought our first house we could not afford the down payment. Supposedly the buyer with a VA loan does not have to pay points either. Not sure if that is still the case. Hope you kept that DD-214. They wont give you the loan without it.

 

[ae708]

Re: Buying home with VA

I have DD 214's... originals and copies plus my VA elegibility certificate.

 

[MudIsFun]

Re: Buying home with VA

Follow this link; all you ever wanted to know about VA loans... Remember, the VA does not actually do home loans, they insure the loan for the lender.<br /><br />Good luck<br /><br />Kevin

 

[ae708]

Re: Buying home with VA

What link ?

 

[sid the squid]

Re: Buying home with VA

Check out this link, if you are eligable for a VA loan definatly use it, you earned it.<br /><br />www.homeloans.va.gov/&ei=WJT7QufOKLqkaaixjC8