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Video instructions and help with filling out and completing va loan mortgage insurance calculator
Music R'lyeh this is Eric with lo VA rates wearing my red shirt as always as we always doing fighting what you guys can see the crew that's here with me they're all in red that's what we do here as a reminder we wear red on Fridays and red stands for remembering everyone deployed and even if you're not deployed you have family members that are in the military this is kind of an outward expression of supporting the troops wherever they are so that's said today we're going to talk about whether or not VA loans have p.m. I okay PMI stands for private mortgage insurance okay I'm just gonna put mortgage insurance here for those that are turn to the end the real question here is do VA loans have mortgage insurance okay the answer is no I can turn off the camera right now you guys would have learned something today but I want to educate everyone that's watching and hopefully we'll get some questions so be thinking we're really hoping that these a live video start garnering more questions even if you just leave them if you can't stand listen to me talk for the next three or four minutes you can type them in and leave them and we can answer them later but that said VA loans do not have mortgage insurance what VA loans do have however is something called a VA you see that up top hope they don't see it call it bring it VA funding fee okay I do not have the best writing in the world but conventional loans okay that's what most civilians get if you didn't serve in the military you cannot get a VA loan with you have a conventional loan you either have to put 20% down when you're buying your home so if you're gonna buy a $200,000 home you have to have $40,000 liquid in the bank to be able to ring to the closing table okay or I guess you can sell another property and take that money and put down the jacked up twenty percent down to buy a home with a conventional mortgage if you don't put a full 20 percent down then you are going to pay private mortgage insurance you'll go get insurance from a private company somebody other than you mortgage lender and on top of your interest in your principal and your taxes and your insurance they're also gonna be paying somebody else a private company for mortgage insurance that's why so many people try to put the full twenty percent down no veterans as we've talked about many times you get 100% financing okay that means you get to borrow the full $200,000 you don't have to have any money in the bank we hope you do we all like that money in the bank but you don't have to put it into your home you don't have to make a down payment.