Atlanta VA Home Loans offer eligible home buyers many advantages. 100% financing, no PMI, low fixed interest rates to name a few. In the post below we will take a look at the VA loan advantages for homebuyers in 2023. Georgia home buyers that have questions can contact VA Mortgage Hub at ph: 800-743-7556 or just submit the info request form on this screen for a quick call back. We have local loan specialists standing by 7 days a week to assist you.
100% Financing VA Georgia:
$0 down payment to qualify for a VA Home Mortgage Loan for up to $4,000,000 in Georgia. 100% home loan options are getting harder to find. The is great for Vets in Atlanta and other higher costs areas in GA. Also, if the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket cost. VA will allow the home seller to pay the buyers VA allowable closing costs. The loan and sales contract can be set up so that the VA Home Mortgage Loan covers 100% of the selling price and the seller covers the closing cost.
Qualifying for a VA Mortgage Loan:
The VA offers flexible qualifying standards on their veteran loans. Even if you have experienced some financial difficulties in the past that may have caused your scores to be low, you still may qualify for a VA mortgage loan. This can be a tremendous saving compared to the cost of conventional or FHA loans when the borrower’s credit scores are low. Note, most lenders require a 600 credit score to be approved.
VA Funding Fee Chart
The Veterans Administration assesses a funding fee for all VA loans between .5% and 3.6% of the loan amount. The fee is added to the amount of the loan to be paid over the life of your VA home loan. The VA Funding Fee replaces the much higher-priced mortgage insurance required when you get a conventional home loan. No monthly mortgage insurance ( PMI) is a great advantage to VA loans. Also, If you are a Disabled Veteran, you may qualify to get the fee waived completely. Please see the 2023 funding fee chart below.
VA Loans Can Be Refinanced
VA mortgage loans have built-in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an IRRRL or Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification. All the costs can be can roll in the transaction so there are no out-of-pocket costs. Homeowners can learn more about the VA refinance here. VA also permits up to 100% cash out refinance for homeowners that have equity.
Interested home buyers can learn more by calling the number listed above, or just submit the Info Request Form on this page.
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