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What Credit Score do You Need to qualify for a FHA VA KHC USDA Kentucky Mortgage

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here are more Veterans than ever who are eligible for Federal VA financing ! Each day it seems I have an opportunity to work with Veterans who are finishing active duty or are making the transition to civilian life.

Veterans may return to the position they left when called to active duty, or may be hired by a new employer who sees the quality of employee they can have. Qualifying to buy and finance a home is reviewed individually based upon all employment history.

Here are some helpful tips to save money :

If receiving disability income from VA, a Veteran is exempt from the VA Funding Fee. The Funding Fee is financed and over the term of the loan it saves thousands !

Under regular Military, this fee can be 2.15% or on second use 3.3% Those in the reserves have a higher premium.

If you are not eligible to waive the VA Funding Fee– you can save on how much is paid by considering a down payment!

The VA Loan is available for up to 100% of the sales price however, if you consider putting 5% down and fall under regular military it drops from 2.15% to 1.5%. Reservists experience a similar savings! Here is an example:

On a Sales Price of $180,000.00 for a regular military Veteran, the cost of the Funding Fee is $ 3,870.00. At 5% down payment the VA Funding Fee is reduced to $2,700.00.

Have the seller payoff some of the Veterans debts!

Many individuals are not aware that VA Allows a seller to pay off debts . The total amount of contribution to veterans costs and debt cannot the limitation of 4% .

It is essential to work closely with the Real Estate professional on directing the wording in the earnest money agreement to request the amount necessary contribution necessary for the Veteran to close the loan.

Call me for any questions, knowing the flexibility of the Federal VA Program over the years, has enabled me to assist the Veteran in achieving the goal of home ownership!