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FHA or VA

I am a veteran ( 2 tours in Afghanistan) I m not looking to purchase a home and am curious what should give me a better bennifit and rate. A VA mortgage home loan or an FHA home loan by jeff93kk from Long Island City, New York. Jul 29th 2010 Reply


Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions

Here's the condensed version. If you qualify for a VA loan, it will be better than FHA because there is no mortgage insurance. That alone is a huge benefit.

Jul 29th 2010
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Donald Richards (fha203krehab)
#18 ranked lender in New Jersey - 5 contributions

For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, up to 10% down payment requires a 1.5% fee, and 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.50% fee, and 10% or more requires a 1.25% fee.For the category of Reserves / National Guard, first time users with no down payment requires a 2.4% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee. For subsequent users, no down payment requires a 3.3% fee, up to 10% down payment requires a 1.75% fee, and 10% or more requires a 1.5% fee.VA allows 100% purchase with NO monthly mortgage insurance.Thank you for your service to OUR COUNTRYGOD BLESS YOU, SIR.

Jul 29th 2010
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Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

VA for sure. No mortgage insurance plus no down payment.

Jul 29th 2010
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

VA is usually the best way to go. Depending on your income level and real estate prices, though, you may find it limiting in your purchasing power due to residual income requirements; if you can't qualify on the VA loan for some reason, don't rule out FHA.

Jul 29th 2010
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Matt Davis (Matt Davis)
#151 ranked lender in California - 52 contributions

Hi Jeff,Here is the link to contact the VA that handles NY:http://www.vba.va.gov/ro/manchester/lgymain/loans.htmlBest,Matt Davis

Jul 30th 2010
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Chris Corica (chris@myqcfunding.com)
#22 ranked lender in New York - 59 contributions

Jeff - how much are you looking to put down? From there you can narrow down your options. If 20% or more, conventional may be the way to go.

Jul 31st 2010
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