Home Loans: VA Financing
Finlay Financial Corporation (FFC)
The Veterans Administration (VA) guarantees home loans
made by lending institutions to qualified veterans and service
personnel. The advantages of VA guaranteed financing are:
- No down payment required in most cases.
- Loan Amount up to 100% of property value, to VA
maximum loan limit.
- NO monthly Mortgage Insurance, even at 100% financing!
- Seller may pay part or all of buyer's closing costs.
- Mortgage is Assumable, to a qualified buyer (subject
to VA approval).
- NO Prepayment Penalty.
- Fixed Rates.
- Loan amounts to $203,000!
Notes to VA Loans:
- Owner occupied residence only.
- Co-borrower must be spouse or another veteran.
- A VA "No-no" is a loan in which the veteran puts no money
down and the seller pays all closing costs.
- The VA Funding Fee (from zero to 3% of the loan amount) may
be financed in the loan, up to the maximum VA loan limit
($203,000).
- Important Note: Your Certificate of Eligibility will give
the amount for which you are eligible (up to $50,750). Your VA
Lender will multiply your eligibility by four to determine your
maximum loan (4 x $50,750 is $203,000). But don't worry if your
amount is lower. Your certificate can be updated.
- To apply for VA financing, the Veteran will need his DD214
(Discharge) and a recent Certificate of Eligibility. If they are
lost, it's easy to replace them with the proper request forms.
If you need the forms, just drop us an e-mail and we'll send them
to you.
For additional information or problems reading these pages,
please contact Webmaster:
MacnSan@aol.com,
Marilou McSherry, copyright © 1997.
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