Is There Any Reason to NOT Use a VA Loan

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VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 602-908-5849 Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com

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Presentation Transcript

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Many military veterans apply for a VA loan when looking to purchase a house.

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In most cases these particular loans offer favorable terms for the applicant which is the reason that close to 80 of veterans own their own home.

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However there may be certain instances when a VA loan may not be an appropriate option.

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What are some instances when an individual should look into other loan programs

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YOU HAVE MONEY FOR A DOWN PAYMENT

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Many people use VA loans because they can offer loans for homes without requiring down payment or mortgage insurance.

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In most instances loan options through banks will require you to put some money down.

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However what happens if you have the 20 to put down on a home

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In many cases you may find more favorable options if you look elsewhere.

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VA loans normally have a fee which is charged to each loan. If you are able to put down 20 you may be able to avoid such fees.

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Typically the fee can range from 2 to 2.2 depending on a certain set of criteria.

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YOU HAVE EXCELLENT CREDIT

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If you have great credit then many outside loan programs may be able to offer more favorable terms.

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Most VA loans allow for lower credit scores and also a higher debt to income ratio.

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If you have wonderful credit and limited debt then you may want to explore a conventional loan.

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YOU ARE LOOKING TO PURCHASE A MORE EXPENSIVE HOME

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In most cases VA loan programs allow applicants to borrow up to 417000 without putting any money down.

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However many people look to purchase a home that is more expensive especially if they live in an area with a higher standard of living.

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In this case a conventional loan may be your only option.

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AVOIDING THE RED TAPE

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In most cases a house purchased with a VA loan must be move-in ready.

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If you have found a house that is very affordable but requires some repairs then you may want to look elsewhere to find a loan.

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Remember that VA loans must pass a stringent inspection process which may mean that you may not be able to purchase certain types of property.

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IF YOU HAVE ANOTHER VA LOAN

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Remember that if you have a current VA loan you cannot apply for another until the first one is paid off.

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If you find another piece of property you may want to apply for a conventional loan instead.

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Ultimately if you are looking to purchase a home you should investigate all of your options thoroughly.

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Even if you are a veteran you may find that a VA loan may not be your best option.

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Consult a loan officer and research all the programs out there and you may find something with more favorable terms and conditions.

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Mortgage Originator Jimmy Vercellino specializing in VA loans helps veterans use their VA loan benefit to their greatest advantage.

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For more details call 619-350-1951. Visit the site at

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First Choice Loan Services Inc. DBA FCLS in CA 959 South Coast Drive 490Costa Mesa CA 92626 Phone: 619-350-1951

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