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VA Financing
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VA financing is a great benefit for veterans but is not automatic. It allows for no money down for down payment. Debt to income ratios are not as rigid. Veterans must have reasonable credit to obtain the loan and buy a property that is structurally sound. Usually a fixer-upper is not an option. There is a guarantee fee involved that is financed in with the loan but there is no additional mortgage insurance. Finding a good lender that knows the guidelines is key to obtaining the most benefit from this type of financing.
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Great Benefits of a VA Loan: No down payment as long as sales price does not exceed appraise value LTV of 100%, back end debt to income ratio of 41% under certain circumstances. No PMI, Limits on closing costs (which may be paid for by the seller), No penalty for early payoff. The loan is assumable by another qualified veteran. May apply for a new loan tew yrs or sooner after a bankruptcy.