Phoenix VA Home Mortgage:
Need a Phoenix VA Home Mortgage? Have any VA home mortgage benefits? Did you answer yes, then a VA home mortgage loan would be the better loan product for you. VA home mortgages do not require any money down nor any mortgage insurance.
No Mortgage Insurance:
Furthermore, a Phoenix VA home mortgage loan does not require mortgage insurance? Yes, that’s correct. This is a huge savings when you compare that to a Conventional or FHA loan which does require mortgage insurance. When you serve your country the government allows you to obtain a VA home mortgage with no mortgage insurance. Loan products include a 30 year fixed, a 15 year fixed, or an arm product. Bottom line is mortgage insurance is not a requirement on any VA home mortgage loan.
Non Allowable VA Charges:
Under the VA rules and regulations there are a few closing cost items that you can not pay for per the VA. Yet, these fees are still payable and due per the lender. So what can a person do? One needs to make sure that the seller is willing to pay at least 1% to 2% of your closing cost to cover your VA non allowable charges. Technically you can’t pay for these items but they are still due and payable at closing on a VA home mortgage.
For example, you can’t pay the banks underwriting fee but they will still charge you this fee. Another example is the escrow fee that the title company charges as well as the title companies courier fee and a few other miscellaneous fees on the VA home mortgage loan.
For more information on VA home mortgage loans, please call our office directly at 602-358-8717. A licensed loan officer can help answer any questions and get you prequalified to purchase your next dream home. Why wait. Call today!
Article one: Phoenix VA Home Mortgage Loans