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whats the advantage of a va loan

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January 25 2011 - Owasso
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VA, has more lax requirements for qualification. They will allow higher debt to income ratios, lower credit score, but most of all no down payment and 100% financing and no Private Mortgage Insurance. (PMI)
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January 25 2011

VA is a great product but not necessarily for every Veteran.  I've never used my entitlement because I didn't need it's benefits but any eligible vetgeran shold make sure he explores the option before deciding on the appropriate loan for him or her.

Another advantage that has been mentioned and isn't as big an issue in this low rate environment is that it has the ability to refinance to capture lower rates without an appraisal and roll in the closing costs if desired.

I wouldn't necessarily agree with the comment that it has more lax requirements.  The VA loan has unique features that will catch some in experienced loan officers off guard.  You have to be aware of residual income issues that can impact an UW decision. You could get prequalified for a $200k home and then find a steal of a foreclosure that would normally sell for $280k at $200k. That steal of a foreclosure has about 800 more square feet than the typical $200k home. VA requires you to estimate utility costs based on sq ft.  That extra $112 of utility costs may create issues with residual income.

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January 25 2011
Ask your lender base upon your situations however the big advantage is no money donw/100% fianncing.....good luck
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January 25 2011
There are pros and cons to each loan program available. I have worked with many Veterans that were actually better off in a Conforming Conventional Loan rather than a VA, even though they qualified for either. As with any loan program, it is important to let a qualified expert help you determine which program fits your unique needs. Jennifer is correct with regard to parts of her answers, however, some investors are every bit as tight with debt to income rations for VA loans as any other...at least in this market. While she is correct in that there is only an upfront funding fee with no PMI, do not be mislead regarding zero down VA loans. In most cases someone (either the buyer or seller) must pay the closing costs, but it is possible to get in with nothing out of pocket. VA is one of the last few remaining loan programs available that will loan 100% of the contract price or appraised value, whichever is less.
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January 25 2011
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V.A. also insists a house be in a certain physical condition. This means that some houses will not qualify for a V.A. mortgage.
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January 25 2011
 
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