Questions and Answers About VA Loans Presented by, Roger Griffeth, When is a VA Loan the right choice? Answer: When you need to purchase a qualified property and you need 100% financing. However, If you have at least 20% of the purchase price to put toward your loan you need to consider a conventional loan as an option. If a USDA loan is an option (Cherokee County, Alabama qualifies for the USDA program) then all options should be calculated. While zero down might be attractive, in some cases, a VA Loan may be the more expensive option. What are the qualifications for a VA Loan? Click Here for Answer Q. - Do all homes qualify for a VA loan? No, Homes must pass a VA inspection (appraisal). Among other items, GFCI’s by all water sources, no peeling paint, roof has to have 8-10 years worth of life left on it, hand rails installed if two or more stairs are present, heating source in all rooms. Manufactured homes an...
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