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Today I'm joined by a business partner Barry Krevoy with Finance of America to discuss 3 different topics regarding Veterans Loans.
First, I wanted Barry to address some myths about them. The first he often encounters is that a veteran can only use a VA loan once. Veterans can actually use VA loans an unlimited number of times, as long as it is paid off. The second myth is that VA loans are hard to get. In fact, it's actually one of the easiest loans to get if you qualify. It has the most liberal credit limits, debt-to-income ratio, and there's no mortgage insurance.
Interest rates for VA loans also tend to be less, around an eighth or a quarter lower than conventional loans. With a VA loan, no down payment is needed up to $625,000 in Los Angeles and Orange County. Nationwide, that number is closer to $417,000. Closing costs can sometimes be offset by the lender as well and, of course, sometimes they can be built into the home offer.
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Veterans can actually use VA loans
an unlimited number of times.
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an unlimited number of times.
Interest rates for VA loans also tend to be less, around an eighth or a quarter lower than conventional loans. With a VA loan, no down payment is needed up to $625,000 in Los Angeles and Orange County. Nationwide, that number is closer to $417,000. Closing costs can sometimes be offset by the lender as well and, of course, sometimes they can be built into the home offer.
There is another myth that people don't want to accept offers with VA loans, for a few reasons. Our goal is to educate Realtors about what a great loan it is. Some Realtors think that it takes longer than 30 days or the borrower may have a tough time coming up with closing costs. All of these things can be addressed, though.
If you have any further questions or you'd like to get a hold of Barry, feel free to reach out. We'd be happy to help you with any questions you have.
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