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VA Loan Program
A VA stands for the Veterans Administration. It is a mortgage loan that is guaranteed by the United States of Veterans Affairs. This loan program is the preferred loan program for active, non-active, national guard, reserve and retired military of the armed forces. This loan program requires no down payment and no private monthly mortgage insurance.
Benefits of a VA Loan:
A VA loan is the best option for veterans that would like to purchase or refi on their current VA Mortgage. This program allows veterans to purchase a home with zero down payments, 100% financing and lenient rules on qualifying.
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No down payment
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No mortgage insurance
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Credit scores down to 600
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No prepayment penalty ever
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Up to 50% debt to income ratio
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A VA loan may also be assumable
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Allows for 4% seller paid closing costs
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