The VA mortgage is one of the best benefist offered to those, who have worn our country's uniform. Here are several of the benefits the VA mortgage offers:
- No down payment. With a VA loan you can finance up to $417,000 without putting any money down. If you want to buy a higher priced home, you need only come up with 25 percent of the amount over 417,000.
- When you use a VA loan, you do not buy mortgage insurance. You will, however, pay a one-time "funding fee" ranging between 1 and 2.25 percent of the amount you borrow.
- Often new homebuilders and cooperative sellers will pay all of the veteran's settlement expenses.
VA Loan Eligibility.
- 90 days of active duty during any one of four wartime periods (WWII, Korea, Vietnam, and Persian Gulf.)
- 181 days of active duty during the time periods between the four war periods.
- 24 months of active duty on or after September 8, 1980 (except during the Persian Gulf War).
- 6 years of service in the Reserves or National Guard.
