Anyone who knows me, they know I love a VA Loan. VA loans are truly the best deal on the market (in my humble opinion)…and they do not have all of the problems that some agents and veterans think they do. The appraisal process can be a little more difficult, but only in the fact that they MAY require some repairs (such as fixing peeling lead-based paint…not such a bad thing to require) and a re-inspect if repairs were required, but more often than not, they do not require anything. They value the home just the same as a conventional appraiser and I have never seen a VA appraiser come in low on a property that was priced right. I digress…
Just to update you folks, the VA loan limits for a 0% down loan (yes…ZERO down) have changed in many higher cost areas. For most areas, it is still a max of loan limit of $417,000. In Northern Virginia and DC, the loan limit has always been higher and is now $692,500…NOT BAD! And if you are willing to put money down, they will lend up to (I am told) @ $1.5 million (depending on the down payment of course).
VA loans have low rates and if you are disabled in ANY way, they will waive the funding fee (this fee is 9 times out of 10 financed into the loan amount anyway). They will also allow up to 6% of the purchase price towards closing costs in subsidies from the seller…if you are in an area where subsidies “fly”…more on that another time (*there are a few caveats to this, so be sure you have a good lender who will find a way to get the most out of any seller subsidies you have negotiated…such as the seller buying down your rate, etc*)
Lastly, the VA will allow you to do what is called a streamline refinance. If a lower rate is available, you can get it and there is no appraisal required. Additionally, most lenders will pay the refi costs, so you can pretty much to the refi for free or for VERY little out of pocket. If it benefits the veteran, it is allowed.
This is an amazing way to realize the dream of home-ownership…and a rightful benefit for our nation’s heroes who have risked their lives for our freedom and liberties!
In summery, if you are eligible to get a VA loan, consider it!