Posted by madisonmortgage on March 24th, 2008
The Wisconsin VA loan and Illinois VA loan program offers no money down (100% financing) with no mortgage insurance fees. The VA funding fee is a fee added to loans. The VA loan program helps active duty and retired military personnel purchase homes.
The VA mortgage program began in 1944 when the servicemen’s readjustment act, also known as the GI Bill was signed into law by President Roosevelt. Generally, the first step in obtaining a VA loan is requesting an appraisal of the property. This is because the Certificate of Reasonable Value (CRV), which the VA uses to establish the value of the property and maximum size of the loan, is based on the appraiser’s estimate.
Because the VA only guarantees the loan, the borrower must apply at a traditional lending institution, which could be a bank, savings and loan, or mortgage company. VA loans offer no money down payment, reduced closing costs, and interest rates that are usually comparable to, or lower than, conventional rates.
Visit http://www.madisonmortgageguys.com/va.htm for additional Wisconsin and Illinois VA mortgage program information.
Looking for a jumbo VA loan. Visit our Jumbo VA Mortgage Loan program page for addtional details.
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
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This entry was posted on Monday, March 24th, 2008 at 9:46 pm and is filed under Chicago Mortgage Programs, Illinois Mortgage Programs, Madison Mortgage Programs, Milwaukee Mortgage Programs, VA Loans, Wisconsin Programs.
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