A Quick Guide for Homebuyers & Real Estate Professionals

VA. 810 Vermont Ave. A quick guide for buyers. Washington, DC 20420 and real estate professionals. VA Pamphlet 26-91-1 ..

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Department of Veterans Affairs VA Pamphlet 26-91-1 A Quick Guide for Homebuyers & Real Estate Professionals
For loans that must be approved by VA, lenders send the credit package to VA. VA staff will then review it and notify the lender of the decision. Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans: Most important consideration, no down payment is required in most cases. Loan maximum may be up to 100 percent of th property. Due to secondary market requirements, however, loans generally may not exceed Flexibility of negotiating interest rates with the lender. No monthly mortgage insurance premium to pay. Limitation on buyer\’s closing costs..
An appraisal which informs the buyer of estimated property value. Thirty year loans with a choice of repayment plans. nd interest: increases or decreases may be expected in property taxes and hom eowner\’s insurance coverage); (low initial payments which gradually rise to a level payment starting in the sixth year); and in some areas, Growing Equity Mortgages-GEMs (gradually increasing payments with all of the increase a pplied to principal, resulting in an early payoff of the loan.) : VA is authorized to guarantee hybrid ARM loans where the initial rate remains fixed for at leas t 3 years. The initial adjustment can be as more years…

Download A Quick Guide for Homebuyers & Real Estate Professionals pdf from www.homeloans.va.gov, 11 pages, 265.23KB.
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5 Responses to “A Quick Guide for Homebuyers & Real Estate Professionals”

  1. Realtors Wichita Falls on November 15th, 2010 at 10:36 pm

    I had fun reading the articles on your website!

  2. Real Estate mortgage to finance a home purchase subject is fun and I’m learning something new almost every day. Thanks for everything and keep up the good work!

  3. fastcashonline.com on May 17th, 2011 at 9:47 pm

    Thank you for the incredible tips and suggestions! This post has been very helpful to me. Keep it up!

  4. Conventional loans will typically require, at the very least,
    five percent down and mortgage insurance. The home owner must have
    enough equity in his house to meet the lenders requirements.

    You also have the flexible home loans in which part of the loan
    occurs with a fixed interest rate and another portion has a different rate.

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