Maybe you do not know that...

Maybe you do not know that... No Down Payment Mortgage A no down payment mortgage allows first-time home buyers and repeat home buyers to purchase property with no money required at closing except standard closing costs. Other options, including the FHA loan, the HomeReady™ mortgage and the Conventional 97 loan offer low down payment options with a little as 3% down. Mortgage insurance premiums typically accompany low and no down payment mortgages, but not always. Is A No Down Payment Mortgage Right For You? It’s a terrific time to buy a home. Sales are rising, supply is dropping, and prices have increased in many cities and neighborhoods. Compared to next year, today’s market may look like a bargain. Furthermore, mortgage rates are still low. Rates for 30-year loans, 15-year loans, and 5-year ARMs are historically cheap, which has lowered the monthly cost of owning a home. The Down Payment Hurdle However, it’s not the monthly payment that ...

Maybe you do not know that... What Is A VA Mortgage? In 1944, as part of the G.I. Bill, the Department of Veterans Affairs launched a mortgage program to help veterans returning from war to re-assimilate into communities. Today, more than 70 years later, the VA Loan Guaranty program remains an important part of the VA Benefits package available to today’s military personnel. Offering the option of 100% financing and never any mortgage insurance, VA loans are among the least expensive ways to purchase a home with a low- or zero-down payment. Furthermore, because VA loans are guaranteed by the government, lenders are willing to offer them at lower rates. Military borrowers pay less for their loans. So, who exactly is eligible for the VA Loan Guaranty program? Not everyone, but a lot more people than might be obvious. Here’s an overview of the VA home loan’s eligibility standards. VA Loan Eligibility For Veterans Most veterans must complete a minimum term o...

Maybe you do not know that... More facts about VA loans VA loan eligibility.  Contrary to popular belief, VA loans are available not only to veterans, but also other classes of military personnel. The list of eligible VA borrowers includes active-duty servicepersons, members of the National Guard, Reservists, surviving spouses of veterans, cadets at the U.S. Military, Air Force or Coast Guard Academy, midshipmen at the U.S. Naval Academy and officers at the National Oceanic & Atmospheric Administration. A minimum term of service is typically required. Houses you can buy with a VA loan.  A VA loan can be used to buy a detached house, condo, new-built home, manufactured home or duplex, triplex or four-unit property or to refinance an existing loan for those types of properties. You can also borrow extra money to make repairs or improvements to the home; or, make it more energy efficient. VA loans in foreign countries.  You cann...