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re: Veterans...VA Loan for New Construction.
Posted on 2/16/15 at 3:26 pm to DevilDogTiger
Posted on 2/16/15 at 3:26 pm to DevilDogTiger
quote:
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
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As a mortgage banker I would suggest to not go government IF you have the cash, income, and credit to qualify for conventional. A number of reasons...
The VA funding fee is going to add 2k or more onto the total loan amount and there's going to be a metric shite ton of paper work that's going to drag the process down.
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