So me and my wife are getting ready to purchase our first home. We are eligible to use a VA loan, but from what I've read I can't understand why it would benefit us. He's our situation:
- We are looking at homes around $220k - $230K
- We plan to put $65k down
- My credit score is 748 currently
- Our combined income is $230k, although in a year my wife will stop working and that will drop to $130k
- The only debt we have is a car loan that is $620 per month and has 24 months left on it
From what I understand the main benefits of a VA loan are no PMI, no down payment, and little to no closing cost. The only one of those that would benefit us is the small closing cost. However, we would have to pay the VA funding fee (2-3% of the cost of the loan). So what should we do reddit? Is there anything I'm over looking?
Submitted February 02, 2017 at 09:44AM by neagwork http://ift.tt/2kleMRN