Benefits of VA Home Loans
BENEFITS OF VA HOME LOANS
- No down payment as long as the sale price does not exceed the appraised value.
- Loan-to-value ratio of 100 percent.
- Back-end debt to income ratio of 41 percent under certain circumstances.
- No private mortgage insurance
- Limits on closing costs, which may be paid by the seller
- No penalty for early payoff
- Loan is assumable by another qualified veteran borrower.
- May apply for a new loan two years or sooner after a bankruptcy.