Financing in Putnam County>Question Details

Martin, Home Buyer in New Rochelle, NY

VA Loans...Pros...Cons...

Asked by Martin, New Rochelle, NY Sun Oct 7, 2012

I was in the military in 1979 and have my original certificate. Never used it and understand the loan amount is now well over $400,000.

Help the community by answering this question:


Hi Martin,

Thank you for your service.

Actually, the VA loan limit for Putnam County is $625,500 which is the maximum loan amount you could get without a down payment. You would obviously have to qualify for the loan but it's nice to know that it's possible to buy up to that amount without a down payment.

As far as I'm concerned, there really are no cons with a VA mortgage. You get 100% financing, no monthly mortgage insurance, 30 year fixed interest rates as low as 3-3.25%, the seller can pay your closing costs.

Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
1 vote Thank Flag Link Mon Oct 8, 2012
Thanks John for your very informative reply, I will be sure to check your website as I continue to gather information.
Flag Mon Oct 8, 2012
In order to best inform yourself regarding pros/cons, along with other mortgage products, visit with any licensed loan officer; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Oct 7, 2012
Thank you, I appreciate the advice!
Flag Sun Oct 7, 2012
A VA loan is one of the best mortgage loan because you do not have to put a downpayment when you are buying your primary residence and the goverment oversees and control the amount that lenders can charge you for closing cost and origination fees.

Best of Luck,

Maria Cipollone
0 votes Thank Flag Link Sun Oct 7, 2012
Thank you for your prompt reply. Is it safe to assume that to get the ball rolling I should go to the .gov site? Also, is it true the process is now faster and that some sellers prefer dealing with the VA because the loans are secured?
Flag Sun Oct 7, 2012
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