Although there are many different kinds of home mortgages loan applications, all of them may not be available for any one and some of them you may not qualify. It is important for you to do your research on the kinds of home mortgages and choose the best one that meets your particular home mortgages loan needs. VA House Loans by lending group may be one of the home mortgages loan applications you may want to consider if you are an army veteran.
The VA House Loan is financing program guaranteed by the government for veterans of the U.S. army to purchase a primary residence.
Lending Group Company’s VA Home Mortgages have many benefits
- No Minimum Down Payment Is Required
A VA House loan gives the military veteran a chance to purchase a house with no down payment. This is one of a very few mortgage programs that allows a person to buy a house with no minimum down payment.
So, if you are a retired army soldier that has qualifying income and a good credit score you can buy your dream home without a payment in advance. But a veteran would need money for settlement expenses, homeowner’s insurance and other expenses to buy a house. Thankfully you can ask lending group company to pay those expenses.
- Sellers Can Pay Your Ending Costs
VA House Loans will allow owner help you to pay closings. The seller can pay up to 4% of the actual pay price of your house loan. For example, if the purchasing cost in your house is $150,000 owner can pay up to $6,000 for your settlement expenses.
With the no down payment and owner paying your settlement expenses, you can buy from lending group your own house without a single dollar from you. It is 100% funding at its best.
- Lowest VA Interest Rates
VA Mortgage Loans most times offers the lowest interest levels available for veterans. The VA mortgage interest levels are not based on credit ratings like most conventional mortgage loans. If you are a veteran and your credit rating is 650, your VA interest rate would be the same as if your credit rating scores of 760. On a conventional loan your rate is lower if your credit rating is higher. The current VA interest rate is 4.5%.
- There Is No Personal Mortgage loan Insurance policy (PML)
VA Home Loans does not have per month private mortgage insurance like all covered conventional loans and FHA mortgage loans. This could save you from $25 to $250 a month on your payment per month according to the amount of your home’s actual loan.
- The VA Mortgage loan Dimension Is Limited
VA does set a restriction on the quantity of the mortgage you could get. You really need get in touch with a VA loan provider in your area to help you to find the quantity of mortgage you can get.
Because there are so many different kinds of mortgage home loan applications available in industry, you need to seek information and select the one that is best for you. But if you are veteran you really need to check out the VA House Loan System. You may be able to purchase your ideal home with no money out of your wallet. The best starting point your analysis is the Internet. You will find many sites that will help you to select the best mortgage for you!