Thursday, October 20, 2011
Some mortgage lenders and brokers in the Steamboat Springs real estate market are seeing a resurgence of VA loans
Here are a few helpful tips:
VA provides up to 100% financing on the purchase of a primary residence
There is no monthly mortgage insurance!
There is an upfront funding fee that varies from 1.25% to 3% depending on service, down payment and prior use of the VA product. This fee can be financed into the loan.
A 41% debt ratio is required
A certificate of eligibility or form DD214 is helpful for the borrower to bring in when they come in to get pre-qualified.