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What Is the Anatomy of a VA Loan?

 
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Content provided by Patrick Fitzgerald. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Patrick Fitzgerald or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
If you’re thinking of applying for a VA loan, here’s what you should know about them. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now The anatomy of a VA loan features four components: principal, interest, property taxes, and homeowners insurance. In January 2017, the U.S. Department of Veteran Affairs increased the loan amount on a VA loan to $424,100. That’s called the “conforming limit,” and it means in most states around the country, a veteran can borrow up to $424,100 with no down payment. In other areas of the country where housing is dramatically more expensive (Alaska, Hawaii, California, New York, etc.), the conforming limit is much higher than that. VA loans don’t require any PMI (private mortgage insurance), but property taxes and insurance must be included with it. The Department of Veteran Affairs has compensated for the rise in home prices by offering jumbo loans or high-balance loans that go above the $424,100 limit. However, that’s also where the no down payment portion ends. “A VA LOAN ALLOWS YOU TO BORROW UP TO $424,000 WITH NO DOWN PAYMENT.” If the purchase price of the home is above $424,100, you would have to pay 25% of the overage. For example, if a home is priced at $524,000—which is $100,000 over the limit—that means you’d pay $25,000. There is no limit as to how high you can purchase as you pay 25% of the overage If you have any questions about the anatomy of a VA loan, don’t hesitate to reach out to me. As I always say, it doesn’t cost a penny to talk. Just give me a call and I’d be happy to help.
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43 episoade

Artwork
iconDistribuie
 
Manage episode 236989874 series 2380939
Content provided by Patrick Fitzgerald. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Patrick Fitzgerald or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
If you’re thinking of applying for a VA loan, here’s what you should know about them. It doesn’t cost a penny to talk….so call me right now and I will answer your questions! Apply Now The anatomy of a VA loan features four components: principal, interest, property taxes, and homeowners insurance. In January 2017, the U.S. Department of Veteran Affairs increased the loan amount on a VA loan to $424,100. That’s called the “conforming limit,” and it means in most states around the country, a veteran can borrow up to $424,100 with no down payment. In other areas of the country where housing is dramatically more expensive (Alaska, Hawaii, California, New York, etc.), the conforming limit is much higher than that. VA loans don’t require any PMI (private mortgage insurance), but property taxes and insurance must be included with it. The Department of Veteran Affairs has compensated for the rise in home prices by offering jumbo loans or high-balance loans that go above the $424,100 limit. However, that’s also where the no down payment portion ends. “A VA LOAN ALLOWS YOU TO BORROW UP TO $424,000 WITH NO DOWN PAYMENT.” If the purchase price of the home is above $424,100, you would have to pay 25% of the overage. For example, if a home is priced at $524,000—which is $100,000 over the limit—that means you’d pay $25,000. There is no limit as to how high you can purchase as you pay 25% of the overage If you have any questions about the anatomy of a VA loan, don’t hesitate to reach out to me. As I always say, it doesn’t cost a penny to talk. Just give me a call and I’d be happy to help.
  continue reading

43 episoade

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