Here is a little information on VA loans.
As an real estate agent, it is my duty to ask this. If there is any great programs to help you buy that dream home,House Express Real Estate wants to make sure you get all you deserve.
If you are active duty,discharged,disabled or even reservist, you may be eligible.
Anyone with four full years of active duty in any of the services will have full eligbilty. If a vetran had combat duty during his service, no minimum length of service is required. Reservists with six to eight years active reserve are generally eligible also. The VA must issue a Certificate of Eligibility to each veteran confirming their eligibility.
If you are not sure of how to get this Certificate, your local VA office or your mortgage broker can usually pull it up electronically for you.
The most significant benefit to a VA loans provide 100 percent financing on any purchace and there is no monthly PMI premium associated with VA loan.
Most cases,a 640 credit score is required. If you have had major credit disruption in the past, VA usually requires a 12-month clean payment history to overcome the past problems.
Have a home already and want to refinance... This is little known benefit that allows veterans to refinance a non-VA loan using a VA program, saving the borrower the monthly cost of a PMI premium, compared to refinancing with a conventional loan.
If you have a VA loan you can refinance again using VA. This is one of the best benefits. VA offers a streamline refinance loan that is quoted at a rate where are no closing costs at all to veteran other than funding the new escrow account. The veteran receives an escrow refund from his current lender once they are paid off, so this becomes a " no cost " refinance loan.