I am a iraq and afgan vet at 24 years old but ive been out of the Marines now for over a year. Im now engaged and am soon to buy a house. I cant find any websites that explain te differences in all the different mortgage loans. From what i understand both VA and first time buyers are 0 down. But if i use the VA then i loose first time buyers for any future buys. With me fresh out of the military and my fiancee fresh from college teaching her first year FHA could be a option also i think. My credit has no negatives and lots of movement up and down for 7 years and she never had anything till she got her new car after graduation which is in her name. Banks wont like me for a coulple more years yet but between the two of us we should be good. Im only saying this because i think it would make a difference in which loan to shoot for. Thanks for all your time and help!!
In order to really determine which type of loan is best for you, your individual situation need to be assessed further.
VA Loans will allow you 100% Financing with up to 4% contribution from the seller. The government guarantees 25% of your loan.
FHA Loans will allow you 97.75% Financing with up to 6% contribution from the seller. The government insures your loan.
April 1st, 2010 at 12:51 am
Go VA, they work hardest in your interest.
References :
April 1st, 2010 at 1:01 am
the bottom line is the interest rate – VA is a way of guaranteeing your loan to the banks which should eliminate the need for mortgage insurance – go for a fix rate not one of them good to look at teaser one – you’ll be paying 500 one month then 650 then 900 – they can jump from say 4% to 18% in a matter of months – and please escrow (pay you taxes etc) in with your house note
References :
April 1st, 2010 at 1:11 am
In order to really determine which type of loan is best for you, your individual situation need to be assessed further.
VA Loans will allow you 100% Financing with up to 4% contribution from the seller. The government guarantees 25% of your loan.
FHA Loans will allow you 97.75% Financing with up to 6% contribution from the seller. The government insures your loan.
References :
Self
Mortgage Banker