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Luke Allison
"Loan Officer"
- 79 Helpful Answers
- 641 Answers
- 8 Blog posts
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Specialties:
5+ years in mortgage/banking industry.
Bachelor's Degree in Accounting from Florida Atlantic University. ... show more
Bachelor's Degree in Accounting from Florida Atlantic University. ... show more
Certifications
& Awards:
& Awards:
Top 20 producer for Flagstar Bank before joining Bank of America
Member of the Christian Real Estate Network ... show more
Member of the Christian Real Estate Network ... show more
Interests:
Snow Skiing
Scuba Diving ... show more
Scuba Diving ... show more
About:
I enjoy nothing more than contributing to a thoroughly enjoyable process of home ownership. Over the years I have heard first-hand accounts of customers
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Luke Allison answered:
A VA loan is much better than an FHA loan if you are eligible. Some reasons:
* A VA loan can grant 100% financing, whereas an FHA loan will require 3.5% down
* A VA loan has no monthly mortgage insurance, wehereas an FHA loan has an annual .55% premium.
* Both have similar interest rates
The only circumstances in which an FHA loan is better:
* You are financing more than $417,000. A VA loan will require 25% of the difference between the sales price and $417,000 as a down payment (e.g. a VA purchase of $517,000 will require $25,000 down) but an FHA loan will still only require 3.5% down.
* You need a non-occupant coborrower. FHA allows these, VA does not.
I hope that helps.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
* A VA loan can grant 100% financing, whereas an FHA loan will require 3.5% down
* A VA loan has no monthly mortgage insurance, wehereas an FHA loan has an annual .55% premium.
* Both have similar interest rates
The only circumstances in which an FHA loan is better:
* You are financing more than $417,000. A VA loan will require 25% of the difference between the sales price and $417,000 as a down payment (e.g. a VA purchase of $517,000 will require $25,000 down) but an FHA loan will still only require 3.5% down.
* You need a non-occupant coborrower. FHA allows these, VA does not.
I hope that helps.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
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