Benefits of a Veterans Mortgage That are Pretty Cool

Saturday, April 21, 2012, AM | Leave Comment

A veteran’s mortgage can be beneficial for a veteran or their spouse because the government allows them to finance homes without a down payment. Many of these loans are focused on smaller cities and there are advantages as well as disadvantages to getting a veterans mortgage.

The major percentages of veterans choose the VA mortgage loan because they don’t have to come up with out of pocket money. The closing costs are not added in to the amount of the loan which saves a lot of money. There is also a cap dollar amount that can be charged for closing costs with veteran mortgage loans.

But there are more advantages…

An even nicer advantage is that the veteran won’t have to get private insurance on the mortgage since the Veteran Affairs is the guarantor of the loan with no costs associated.

A veteran’s mortgage can be paid off early without penalties being applied and as well, the loan can be assumed by someone else if you choose to sell.

The risk of doing this is the buyer not paying off the loan and the veteran not being to get another veterans mortgage until the first one is paid off. The veteran loans can be financed at fixed or adjustable rates depending on what the veteran opts for.

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