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getting va loan versus conventional?

my husband can qualify for va but his credit is terrible. the only other option weve heard that does not have mortgage insurance is convenventional loans through fannie mae? is there a bigger benefit to go with that instead va given john's bad credit score?
By linnwilliams97842697 from TN Oct 13th 2014
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If your husband qualifies for VA, that might be a better option than a conventional loan, depending on his credit situation. Unless it's a Homepath loan, a conventional loan would have MI unless it's lender paid. If you would like to discuss further please give me a call (931) 551-8999.

Oct 13th 2014

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9 times out of 10 a VA loan is going to be better than a Conventional loan. If your husband is declared 10% or more disabled through the VA than he is exempt from their Funding Fee altogether and would make VA a no brainer but if he is not the only way that this would make sense to go conventional is if you have 20% down payment and a 740+ credit score, otherwise VA is the best option no mortgage insurance and up to 100% financing and fixed rates are going to be better on VA than Conventional as well. Feel free to shoot me an email or give me a ring with any additional questions. Our office is just outside Fort Knox so the majority of my clients are Vets or current military professionals and I help them weigh out these scenarios everyday.

Oct 13th 2014


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