Many Benefits are provided by a VA Loan. To start, there is no money down required on existing homes. This is not common with other loans. New construction varies with different builders on this type of loan for down payment. No mortgage insurance required and debt ratio is higher than other loans. This opens more opportunity avenues for a veteran to quality for a home with this flexibility. In truth, lenders are looking for solid income and credit score is not a major factor compared to other loans. Remember this loan used must as a primary residence and that you live there most of the year. Also using this example, you live in home most of the year, then rent it out for the remaining months. You are eligible and can refinance the mortgage.
Perfect credit is nor required to be mandatory, however, it is noted that all payments must be on time and no minimum credit score required is some cases. There is a one time VA Funding fee, this is calculated and based on sales price of home. This fee can be rolled into the loan. If you are a disabled veteran you are entitled an exemption due to percentage of disability. Again VA guidelines are more flexible than any other loan.
To be eligible for this loan, you must serve at least 90 minimum of active duty time during time of war, six years of National Guard or Reserve Duty minimum of 181 days of active duty during peacetime. Once you sell your home your eligibility is fully restored and can use again. If your loan is assumed you may utilize the balance left of your VA loan. I would never have someone assume my VA loan, if so and they default the worst is on you. Any questions you may have contact me at 407 479-8583. Facebook Kevin Sells Florida and visit www.kevinstrawtersellsflorida.com Being a member of the Central Florida Chapter www.varep.net we are advocates for all veterans. From one Veteran to another.