Should you choose a conventional loan by Fannie Mae, Freddie Mac or use your VA Loan?
If you are a Veteran of the United States military and have served at least 90 days consecutively during war time, 181 days during peacetime or 6 years in the National Guard / Reserves then you owe it to yourself to consider using your VA loan benefit.
How Your VA Loan Benefits You
Your VA loan will benefit you in the following ways:
- Your VA loan benefit can be used more than once over the years if you pay off your mortgage loan every time.
- VA Loans are available even if you’ve had a bankruptcy or foreclosure in the past.
- There are no pre-payment penalties with VA loans so you can pay off your mortgage faster without having to worry about getting charged extra or having to pay more interest over the lifetime of your mortgage loan.
- Unlike conventional mortgage loans you can buy a home with a VA loan without having to put any money down.
- Private Mortgage Insurance isn’t required with VA loans but you will be required to pay a funding fee that can be 2.15 percent of the loan amount.
All Credit Scores Considered
In the days of people getting turned down for mortgage loans based on their credit scores this doesn’t always happen with VA loans because the VA will consider the reasons behind why a Veteran has the credit score that they do and not turn them down immediately especially if they are planning on using their VA loan to buy their primary residence.
Learn More about VA Loans Here
To get started with learning more about VA loans contact Fred Sed Realty by calling us at (800) 921-9231 or connect with us online.