VA Financing

1. Vet must have DD214. Reservists & National Guard qualify with 2 years active duty or 6 years reserve. Widows of vets that died as a result of war injuries qualify.

2. Mortgage underwriting is the same as FHA. Interest Rate is the same as FHA, 5.5% for a 30 Year Fixed Rate currently.

3. VA offers 100% “one loan” financing to $417,000 with “full eligibility”.

4. Costs of VA loan: Normal Closing Costs = 3.0%, 1% Funding Fee for 1^st time user. No Mortgage Insurance. Disabled Vets do not pay a funding fee.

5. Debt Ratio = 43%, just one ratio not two.

6. Seller can pay up to 6% in concessions. Can pay any & all costs. 1% Funding Fee, 3% Closing Costs, 1.5% for Pre-paids & Escrows, and could pay Discount Points to buy the interest rate down.

7. Vet can finance the 1% Funding Fee.

8. Vet can have Gift Funds for any & all costs.