- According to the VA Census there are 100,000 Veterans living in Long Island
- The Veterans Association is guaranteeing VA loans 100% to the lender
- More veterans are qualifying for the benefit. Reserve or National guard members called to active duty to qualify for the benefit versus the normal 6 years Reservist/Guard members must serve
- A buyer can literally get into a home with no money of their own using approved housing programs or if seller pays the closing costs and prepaid fees (sellers concession)
- There is no PMI or MIP on a VA loan and the VA funding fee is waived for veterans receiving connected monthly VA service disability income
100% Financing
- This loan is easier to qualify for using residual income methods versus the standard debit to income ratios
- 1-4 family and VA approved Condo's eligible
- Loan limit of $625,000 on 1 family
- VA funding fee from from 0% (for disabled) 2.15% of purchase price depending on the first time use or subsequent use, slightly higher. This fee is financed into t he loan amount
- Soldiers and Sailors Civil Relief Act
- VA Loans are assumable - The loan - and loan rate- can be assumed by the next home owner!!
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