Huntsville homes 

 huntsville homes  Huntsville AL   

huntsville real estate
 huntsville al real estate   

VA Loans:

Ø  VA loans insure lenders against default.

Ø  There is no down payment.

Ø  There are no mortgage insurance premiums.

Ø  VA loans are assumable by veterans but the seller could still be responsible for the mortgage unless they obtain a release. The seller may be able to retain VA loan eligibility.

VA Loan Requirements

Ø  A credit score of at least 620. Get a free copy of your credit report

Ø  One of the following:

1.       You have served 90 consecutive days of active service during wartime.

2.       You have served 181 days of active service during peacetime.

3.       You have more than 6 years of service in the National Guard or Reserves.

4.       You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

Ø  Pay VA funding fee. If  VA disabled status there is no funding fee. The fee is 2.15% on no down payment loans for first-time users The funding fee for second no down payment users is        3.3%.

Ø  The property must pass a VA inspection.

Mortgage Credit Certificate (MCC) program

This program may be used with any 30-year, fixed-rate mortgage. It gives a federal tax credit based on interest paid each year.

Requirements for a Mortgage Credit Certificate

Ø  Be a first-time home buyer (or have not owned a home in the last three years)

Ø  Must buy a new or existing home. Refinancing does not qualify

Ø  Must buy a home in Alabama and occupy it as your primary residence.

Ø  Must meet federally established income and sales price limits

Ø  Must have a 30-year loan.

This information is a summary only and not to be used to make financial decisions. Contact an experienced local lender for full and current information.

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