I've talked to you about conventional, VA, & FHA loans. Today I'm going to talk about USDA loans. USDA loans are great for people that have less money for down payment and closing cost. This
Different Mortgage Loans VA
Yesterday I talked to you about conventional & FHA loans. Today I'm going to talk about VA loans.
VA loans are great for people that are have served in our Armed forces and were honorably discharged. This loan offers no down payment, you still will have closing cost, and you could have some flexible qualifications. This program is great for first time home buyers, moving up to your next home, but it's not for investment purposes. This is for your primary residence and you could only have one VA available. So if you have used your VA loan to buy a home, and you plan on keeping that home, you will need to refinance that home before getting another VA loan. You also qualify with lower credit scores than you would with a conventional loan. You will also need to have any Federal credit obligations up-to-date, ie "student loans."
You will have a monthly payment that will include an escrow for taxes, insurance, and mortgage insurance.
offer no downpayment
finance up to 100% of home value
you could use monetary gifts for down payment or closing cost
you don't have any prepayment penalties if you pay off your home early
finance up $______ this is area based on your DD9.
Orlando Ayala, PA
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La Rosa Realty, LLC
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