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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…