Veterans, active military, or reservists all may qualify for a VA loan to purchase a house.
Here are the features:
* No money down
* Seller can pay a portion, or in some instances all, of buyer's closing costs.
* No mortgage insurance added to payment
* Credit score must be 600 or higher to qualify
* There is no limit to how many times you can use your benefits to get a VA mortgage
* Seller is not required to pay any closing costs for the buyer, not even the termite report
* The home must be in at least average condition with no issues that would negatively affect the health and safety of the borrower
* Appliances are not required
* If disabled, the veteran may be exempt from paying the VA Funding Fee and/or property taxes
* Loan can be in veteran’s name alone or with spouse, no other co-signers are allowed
* Owner occupied only