re: America's housing policy: The definition of insanity

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VA loans do not require PMI.

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Nor a down payment. Only the VA funding fee and closing costs. In fact, I think it is illegal to charge PMI on a VA loan, although they tend to run 1/4 point or 1/2 higher on the APR (pay me now or pay me later...).

I closed my house on purchase (VA Loan, 1998) with $500 at closing. Because the appraisal was good, we upped the offer if the seller agreed to pay the balance of the closing costs.