Idaho VA 100% Home Financing Loans for Boise and Mountain Home areas is for veterans and active duty military personnel and certain members of the reserves and National Guard. VA’s program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation.
There are several advantages to using VA’s Home Loan Program. The VA allows a veteran who qualifies income and credit-wise to purchase a primary residence without putting money down towards the sales price, as long as the sales price does not exceed the appraised value. Veterans do, however, need money towards closing costs and the earnest money deposit, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller.
Below are some other benefits of using VA’s Home Loan Program:
- VA loans are assumable, provided the person assuming the loan is qualified.
- There is no prepayment penalty for paying off the loan
- Veterans must meet credit standards but loans are not “score driven”
- There is no private mortgage insurance, but VA does charge an upfront VA funding fee, which may be financed. The exception to this is that if a veteran is in receipt of VA service connect disability payments each month, he or she does not have to pay a VA funding fee.
- VA does not have a maximum loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to the VA County Loan Limits where the property is located. With a down payment, loans may exceed these amounts.
- The seller can pay for closing costs. There is a requirement that seller concessions do not exceed 4% but only certain items are considered as part of the concessions; i.e., payment of pre-paids, VA funding fee, payoff of credit balances or judgements on behalf of the veteran, funds for temporary buydowns.
- Additional assistance is offered by VA should veterans have problems making their home loan payments in the future.
If you have any Questions about how to obtain an Idaho VA 100% Home Loan please feel free to contact me. My information is below.
Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
Loanswithandy@gmail.com
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