Guaranteed VA Loans is the usually the best way for active or inactive veterans to purchase a home. The VA mortgage allows the buyer to purchase a home with absolutley no out of pocket expenses!
There are closing costs associated with the purchase of a home. These costs can be paid by the seller of the property on the buyers behalf. However, these costs must be included into the sales price of the home.
When negotiating to purchase a home, explain to your sales agent that you wish for the seller to pay your closing costs as part of the deal. Costs that you wish the seller to pay are costs such as lender fees,attorney fees, state and local taxes, etc. Be sure to get a Good Faith Estimate from your lender, so you will know the exact amount of the costs associated with your VA Loan.
VA Loans have no monthly private mortgage insurance like most conventional loans, so in most cases your VA Loan monthly payment will be much less. VA Loans have VA funding fees that are charged up-front and included into your loan amount. The funding fee is 2.15% of the loan amount for a first time VA user and 3.00% for second and subsequent use.
VA Loan interest rates will vary from lender to lender, so shop around to see who is offering the best deals. Be careful though, as some lenders will offer you a low rate, but charge discount points to increase their profitability.
FHA Mortgages and VA Home Loans
If you are looking for a government backed loan like an FHA or VA Loan, there are many of the VA Loans online and have some of the best companies to apply with for these types of loans listed on this site.
We recommend applying initially with VA Home Loan companies who can provide you with multiple, competing offers. When applying for a VA Loan, you don't want to have your credit pulled over and over with every lender, its best to consolidate your credit inquiries with 3-4 companies who will each get you multiple offers.
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