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Guest
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 Posted: Fri Jul 01, 2005 10:40 am Post subject: Loan for land |
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| I want a VA loan to buy a lot to build a home. What terms would apply such as interest, number of years, down payment. We now are selling our home which has $105,000 balance. |
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 Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 819
Location: OHIO
210.15 Dollars($)
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| Posted: Sun Jul 03, 2005 9:42 pm Post subject: RE: |
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Hi Guest
A balance of $105,000 will allow to take a VA loan to buy a lot for building your home. Lenders generally lend up to 4 times the amount received by a veteran as entitlement.
Presently you can avail $36,000 as the entitlement amount for a home valued below $144,000 and $60,000 for the one valued above $144,000. In case you have taken a VA loan in the past, you can still get the remaining entitlement for any unused previous balance.
The interest rate is usually fixed for the loan term which generally varies from 15 to 30 years. But nowadays, VA loans are also offered as adjustable rate loans in case one does not wish to stay in the house for a long term.
The VA loan offers the facility of low interest rate and low or zero down payment. However most lenders and financial institutions do not approve a total of over $359,650.
For further information, visit us at http://www.mortgagefit.com/va-loan.html
Please let us know if you have any other query.
Regards,
Jessica. |
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dilipgagare
Joined: 26 Mar 2009
Posts: 58
0.01 Dollars($)
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| Posted: Tue May 05, 2009 9:08 am Post subject: |
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Hi,
VA direct home loan program is to supply home financing to veterans in areas and to help veterans purchase properties with no down payment. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed.
Veteran Affair loans or VA home loans haslow or zero down payment.Now you have good credit because you are selling your home which has $105,000 balance. so you no issue releted to credit.
VA is guaranteed loans which are 15 or 30 years fixed rate.
Following are funding fees & his down payment:
1)Purchase and construction loans :
i)Regular Military : 5% or more (up to 10%)
10% or more
ii)Reserves/National Guard :5% or more (up to 10%)
10% or more
2) Cash-out refinancing loans :2.15%
I hope you got an idea regarding VA loan.
Regrds
Dilip |
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