When it comes to the Department of Veterans Affairs, they provide veterans with financial savings on traditional living expenses. An eligible veteran who is planning on purchasing a home can benefit from their VA loan in New York. A VA loan is given through a private lender. Eligible veterans are able to buy a number of different types of homes with one of these loans.
The loan has to be used for purchasing the primary residence of the veteran in the United States. Either the spouse of the veteran or the veteran themselves must live in the property. It doesn’t matter if the property is a townhome, condominium, manufactured home or single-family house because the loan will handle any of those properties with ease. Multifamily units can have a maximum of four units in them, as long as the veteran is going to live in one of the available units. As per the VA requirements, a manufactured home has to be attached permanently to the foundation and not one that is movable.
VA loans offer a host of benefits over a traditional loan. There is no down payment, and the interest rate is extremely competitive. If you every make a pre-payment on your loan, you will not be hit with penalties or any mortgage insurance premium. Similar to other loans, closing costs are pretty competitive to the market today. In some instances, the VA funding fee is able to be rolled into the loan financing. The VA will also work with borrowers that are dealing with a financial hardship after they have obtained the loan.
We understand that you want the most for your money, which is why we work with a variety of different lenders to help get you the loan that you need for your specific situation.