A mortgage can help you to pay for your home over a long period of time, and this can help you to more easily afford a nice home. There are many different types of mortgages available to choose from. The interest rates of different mortgages vary, and this can have a tremendous impact on the amount of money that you pay for your home. The US Department of Veterans Affairs offers mortgages to veterans. These mortgages offer low fees and affordable interest rates. One place to look into getting VA loans is Flagship Financial. This financial institution is a private one that helps veterans to get VA loans for their new home.
About VA loans:
VA loans can be for a sizable amount of money. In fact, the maximum amount for a VA loan in most areas is a bit over 400,000 dollars. However, in some regions of the country, the cap is significantly higher. In fact, there are some regions of the country, where the cap for VA loans is over a million dollars.
Furthermore, there are additional benefits to VA loans. VA loans do not require there to be any private mortgage insurance for a full 103.3 percent of the home cost. Therefore, this significantly lowers monthly payments for those with a VA loan. Also, you can refinance with a non-VA loan without private mortgage insurance, as long as the refinancing does not constitute more than 20% of the total mortgage amount. It also is possible to use VA loans to take steps to help lower your energy consumption, without having private mortgage insurance.
However, VA loans are still insured. In fact, they are insured by the VA itself. This provides the mortgage holder with quality insurance that will protect their real estate investment. Furthermore, the VA insures loans with a much higher monthly payment than Fannie May, which is another source of public mortgage loans. In fact, loans that have monthly payments that constitute 41% of the person’s monthly income are insured by the VA. This can be contrasted to Fannie May, which only insures mortgages with payments of 28% of the person’s income, or less.
Furthermore, many VA loans do not require a down payment. This is a tremendous benefit to using a VA loan to finance your home. Down payments are often substantial, and this can be unaffordable to many people.
About Flagship Financial:
The company is not associated with the United States government, but they cater to the interests of veterans. Many veterans use them as the source of their VA loans. The company has a very strong reputation, and they are well known as a quality provider of VA loans. They also are known for providing exceptional customer service.