With home values in NC increasing so much right now, many folks who purchased a home 5 years ago, have equity in that property. With a VA Home Loan, you don’t have to make a down payment – so many Veterans buy their home with little to now equity. A Veteran who purchased a house […]
We had some questions recently about what is covered on the VA Appraisal, specifically, the VA Notice of Value or NOV. The NOV is a very important piece of the appraisal process. It establishes the value determination and covers specific property conditions which need to be addressed in order to close the loan. Every VA […]
The Federal Reserve Board refers to them as “Settlement Fees.” They are, in fact the fees you pay to the various agencies and service providers who work to get the title of the home transferred into your name.
If a Veteran can put a down payment on the home, the funding fee is reduced. For regular military, the funding fee on a 95% loan is only 1.5% and 1.25% on a 90% loan. Reserve members pay 1.75% & 1.5%, respectively.
There’s no MONTHLY fee – which is why it is cheaper than FHA or often times, Conventional PMI.
A major bank announced last week that they are going to begin charging a higher fee to folks seeking Government Financing (the most popular loans right now) that have credit scores less than 620. For more information about this change… click here. 8o(( This does NOT mean that you can not get a loan if […]