In today's mortgage world, VA loans are one of the few ways remaining to obtain 100% financing for the purchase of a home.  If you are eligible for a VA loan, then the chances are that this will be your best option for financing.  We proudly offer VA loans and here are a few more details about the program:

VA loans are loans made by lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) to eligible veterans for the purchase of a home.  The guaranty  means the lender is protected against loss if you fail to repay the loan.  In most cases, no down payment is required on a VA guaranteed loan and the borower usually receives an interest rate comparable and in some cases lower than other types of loans.

Other benefits of a VA loan include:

• Seller is allowed to pay buyer's closing costs
• Closing costs comparable - and sometimes lower - than other financing types
• No private mortgage insurance
• No prepayment penalty
• Perfect Credit is not required but must be generally good in last 12 months
• VA allows cash out refinances

Although mortgage insurance is not required, VA charges a funding fee to issue a  guarantee to a lender against borrower default on a mortgage.  The fee may be paid in cash by the buyer or seller or it may be financed in the loan amount.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program.  A Certificate of Eligibility from the VA must be presented to the lender to show that you are eligible.  We will be happy to obtain the Certificate for you from the VA website if you do not have a copy.

For more details, call Bob Graybill at 803-771-0080

Or email:  bob@gulfstreamsc.com

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