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VA

VA loans is an excellent program for all US military and reserves. It can also apply to the spouse. This loan has many ideal features. It is the only government loan that doesn’t have a monthly mortgage insurance.

It does have an upfront fee. This fee varies but for first time uses 2.15%. Reserve pay 2.4%. Secondary use can go up to 3.3%. Closing costs can be paid by the seller including your upfront fees. Maximum seller contribution is 6%. One of the other features of the loan is to verify you have enough money to maintain the home. We base this on the livable square footage of the home.

This loan has very few hits. Michael scores are not as important to rate as conventional loans. So at times this is a better product than the standard conventional loan was 20% down.