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103% financing in today's market?!?!?

I am just wrapping up yet another wonderful VA LOAN!!!!!

The way a VA Loan works is you pay a "Funding Fee" to the government up front. This Funding Fee is basically a mortgage insurance you pay for up front and then the government insures the loan against forclosure. The VA allows the borrower to roll the Funding Fee into the loan and now we are at 103% financing. Get this: you can even add another $6000 to the loan if you wish to upgrade the appliances to something more efficient! There is no monthly mortgage insurance fee; this is the benefit for the Veteran.

To qualify for a 100% VA Loan you must be:

owner occupied
able to prove your income qualifies you
a US Armed Forces Veteran in good standing
at or under a $417,000 purchase

FICO scores and reserves are not critical for this loan and the seller can pay most of the closing costs!

Make sure you are reaching out to the Veterans in your database!!!!!

Posted by James R. Gill on 08/28/2008 02:04 AM

Comments (3)

loan, 100 financing, 100 ltv, financing

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3 Comments on 103% financing in today's market?!?!?

James, Thank you for the update. I assume this applies to all states, correct? Thanks.

08/28/2008 02:39 AM

by Phoenix Arizona Real Estate ~ Doreen McPherson (Keller Williams Arizona Realty ~ Scottsdale ~ Tempe)

Thanks for the great information on VA loans. It is important to look at every option available to a buyer.

08/28/2008 05:13 AM

by Rebecca Cole (Carrollton Bank )

James, a nice benefit of the VA home loan program is the funding fee is usually waived for veterans with service related disabilites (those who receive VA disability payments). Perhaps unfortunately, we'd had several occassions to apply for the funding fee waiver and it is always been approved.

08/28/2008 07:55 AM

by Dominion Mortgage Inc

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