A VA loan is a great home buying option for Veterans. Here’s what you should know about them.
You can also purchase a home with no money down up to the county limit. For example, if the county limit is $424,100, you can put zero down up to that limit.
In some of the high-costs counties, that limit can go as high as $600,000 or more.
The best part of the VA loan is that if you go over the county limit and you’re in what’s called a “true jumbo area,” you only have to put 25% down of the difference.
You can get a home for 0% down and the rates are just spectacular.
For example, if the county limit is $424,100 and you buy a $524,100, you would only have to pay 25% of the difference. In that case, the difference would be $100,000 and you would be responsible for putting $25,000 down.
The VA loan does require that you escrow your taxes and insurance into your monthly payment. As I said, there is no monthly mortgage insurance for the VA loan. You can get a home for 0% down and the rates are just spectacular.
If you are in the state of Maryland and have questions about buying a home with a VA loan, just give me a call or send me an email. I would be happy to help you!
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