Is PMI required for VA loan?

[Anonymous]

I'm guessing the answer is no, hoping I'm right, I' budgeting for a VA loan next year

[empiror22]

PMI is not required for a VA loan. 

[StartingOver10]

You are right - no PMI. It is one of the best things about a VA loan.

[Anonymous]

Thanks everyone!

I was also reading that the closing cost is fixed at 1% for VA loans. This will save me quite a bit of money up front, which is great.

This is my first time using my VA benefits since I got out of the military

[redbeard]

Are you sure about the 1% closing costs?  I think the 1% only refers to a particular fee, perhaps the funding fee for the loan.  I can't imagine closing costs would be limited to this.

Dan

[StartingOver10]

Agree with Dan, no way the closing costs are fixed to 1%.  Speak to your LO for details and have him prepare a closing costs worksheet for you. Many of my buyers get VA loans and the closing costs are much higher than 1%. Even the VA funding fee is higher than 1%. 

[Anonymous]

it's actually the Loan origination fee that is capped at 1% according to the VA website

http://www.benefits.va.gov/phoenix/pdf/rlc/closing_costs.pdf

[DeadSpider]

Like everybody said no MI on VA and you can even have real low FICO scroe !!

[Anonymous]

We just closed on our VA loan. No PMI, Loan funding fee can be rolled right into the loan (we were not going to do this originally, but our home appraised a lot higher than we were contracted for so we rolled it in). Also nice with a VA loan - we had enough concessions from the sellers that we ended up only paying 106.00 at closing (and a week later had a check for 6 bucks in the mail from the Title company because apparently we overpaid. Lol) Our goal was to pay enough upfront so that the loan wouldn't be more than the value of the home but also with as little out of pocket as possible. It worked for us

[Wovenyarn]

No PMI and if you have a service connected disability the origination fee is waived.