Competitive 30 year fixed interest rates. With the guarantee of the U.S. government, a lender can offer the lowest interest rates to qualified individuals and families.
No maximum purchase limit. The USDA Rural Development program has no maximum purchase price limit. However, a lender will still determine the maximum amount of loan each applicant is eligible for based on ability to repay.
VA Loan Guidelines Explained
When considering a VA Loan, there are many guidelines that designate eligibility. Before getting started on the process, it is important for a potential borrower to understand all of the requirements associated with a VA Loan. Although all VA Loan guidelines will need to be explained by a lender.
|Benefits of a VA Loan
|Equal opportunity for all qualified veterans
No down payment (unless required by lender or purchase price is more than property's reasonable value)
Buyer is informed of reasonable value
Negotiable interest rate
Ability to finance the VA funding fee
Closing costs that are comparable with other financing programs (and maybe lower)
No mortgage insurance premiums
An assumable mortgage
Right to prepay without penalty
For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder
VA assistance to veteran borrowers in default due to temporary financial difficulty
VA DOES NOT DO THE FOLLOWING: