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Scranton, IA VA Purchase Advantage
Advantages of a Scranton, Iowa VA Home Loan

The VA does not require a minimum credit score, although lenders usually have some requirements to minimize their risk. But because this is a benefits program, Scranton mortgage guidelines are often more flexible than they would be for conventional loans.

You can even apply for a Scranton, Iowa VA loan just two years after a bankruptcy has been discharged. A full explanation of the bankruptcy will be required. Job stability is a must in this situation. It is also possible to apply for a VA loan in Scranton, IA just two years after a foreclosure.

Since Scranton VA loans are backed by the government, lenders can often offer lower rates than they would be able to for a traditional loan. Eligible service members in Scranton will generally pay a better interest rate with a Scranton VA loan than they would have with a conventional mortgage. This means that you can get a better home for the same monthly payment than you would have been able to without the Scranton VA loan program.

Rates for VA loans in Scranton are not set by the Department of Veterans Affairs, despite popular belief. Scranton, IA VA-approved lenders and brokers set their own rates, often on a daily basis. Scranton VA loan rates change with the financial market just as rates for conventional mortgages do.

The world where you could buy a house without a down payment has largely disappeared—unless you’re lucky enough to be eligible for a VA loan. You can actually get a loan without a down payment at all, making it significantly easier for you to get into your new home more quickly.

If you take out a conventional loan and pay less than 20% down, you have to have private mortgage insurance (PMI) on the loan, adding significant cost to the total price of the Scranton home. But even if you finance the entire cost of the home, you do not need PMI with a VA loan, saving you a lot of money.

The VA limits what closing costs the buyer can pay, which is another way you can save a lot of money over a traditional loan. The borrower of a VA loan in Scranton is allowed to pay for things like an appraisal, credit report, title insurance, and origination fee, among a few other costs.

There are some necessary fees that the veteran is not allowed to pay for, like escrow, processing, and underwriting (among others). One option is for the seller to pay such fees. In some cases, a real estate agent who represents the buyer can contribute to the closing fees in the form of a credit. Lenders can also offer a credit to the buyer by adjusting the borrower’s interest rate. Another option is that the lender can charge the borrower a one–percent origination fee (which is an allowable charge).

There are a few more benefits to getting a Scranton VA loan. First, there is no pre-payment penalty for paying your mortgage off early or for making extra payments. Additionally, if you have trouble making your monthly payments, the VA has counselors that can help guide you and figure out what to do. These counselors can sometimes negotiate with the lender to keep you in your home.

You can usually get a good loan even with a low credit score and a short credit history.

One of the key factors in securing a good deal on a home purchase is having a high credit score. In fact, you often need a good credit score to get a mortgage at all. But it’s different with VA loans in Scranton, IA—you can usually get a good loan even with a low credit score and a short credit history. The lack of an established credit history does not mean that you cannot get approved for a loan. A satisfactory payment history for utilities or rent can show that you are responsible with monthly payments.

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    Scranton is the sixth-largest city in the U.S. state of Pennsylvania. It is the county seat and largest city of Lackawanna County in Northeastern Pennsylvania’s Wyoming Valley. With a population of 76,328 as of the 2020 United States Census,[2] Scranton is the largest city in northeastern Pennsylvania and the Scranton–Wilkes-Barre–Hazleton Metropolitan Statistical Area, which has a population of about 570,000.[3] It hosts a federal court building for the United States District Court for the Middle District of Pennsylvania. The city is conventionally divided into nine districts: North Scranton, Southside, Westside, the Hill Section, Central City, Minooka, East Mountain, Providence and Green Ridge, though these areas do not have legal status.

    Scranton is the geographic and cultural center of the Lackawanna River valley and Northeastern Pennsylvania, as well as the largest of the former anthracite coal mining communities in a contiguous quilt-work that also includes Wilkes-Barre, Nanticoke, Pittston and Carbondale. Scranton was incorporated on February 14, 1856, as a borough in Luzerne County and as a city on April 23, 1866. It became a major industrial city and a center of mining and railroads; it attracted thousands of new immigrants. It was the site of the Scranton General Strike in 1877.