Best Ways for understanding va home loans, A home purchase can be made by using a VA-backed mortgage
Follow the steps to buy homes by using the VA program for home loans.
What type of VA-backed loan will I need to purchase an apartment?
You’ll require an credit line that’s VA-backed.
You’ll need to go through an individual lender, such as the mortgage company or a bank for this loan. We’ll cover a part in the loans against losses and allow the lender to grant you better terms for loan including the option of paying no down amount.
What can I do to purchase an apartment using the VA-backed loan?
A home purchase is a difficult process and getting a VA-backed mortgage is just one part to the piece. Keep track of the process by following these steps.
The steps to begin the process of finding a home and establishing a foundation.
Request a VA-backed mortgage certificate of Eligibility (COE)
You’ll need to provide your COE to the lender to prove that you are eligible for the benefit of a home loan.
Take a look at your current financial situation
Check your credit report as well as your income, expenses and your monthly budget to ensure you’re prepared to purchase a home. Choose the amount you’d like to put down on a mortgage, and ensure that you include closing costs into the overall cost.
Select a lender
Rememberthat you’ll have to contact an individual lender, mortgage company, or credit union, not us–to obtain your loan. The lenders offer a variety of loan rates and fees and charges, so you should look around for the loan that’s best suited to your requirements.
Be prepared to pay any lender fees. Some lenders charge Veterans with VA-backed home loans 1 percent flat fee (sometimes known as”loan origination fee,” or “loan origination fee”). They may also charge additional charges. If you aren’t sure the purpose of a fee inquire with the lender. In certain instances the fees of lenders can be negotiated.
Choose a real estate agent
- Get recommendations from potential real estate agents on the internet or from your friends, relatives and neighbours. Meet with several agents in order to choose the one you’re most comfortable with.Review all agreements prior to signing any contract with an agent. You must be aware of the charges, fees and commissions and also the rights you have and obligations under the buyer-agent partnership.
Look for a new home
Take a look at homes within your budget until you can find one that is suitable for your needs. When looking at homes, be certain to take into consideration what aspects are important for your family and you. These could include factors such as how far you’ll need travel to work, as well as the school’s quality.
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Best Ways for understanding va home loans, The steps to purchasing your home
After you’ve found the home you’re looking to buy:
Partner with your agent to prepare an purchase contract
Make sure that the contract contains”VA escape clause” or “VA escape clause” or “VA option clause.” This allows you to terminate the contract if the property isn’t appraised at the amount of the contract.
Consult your agent representing you in the real estate market for suggestions on alternative options for breaking the contract that you might consider including for instance, if the property is not able to pass an inspection of the home. These are referred to as contingencies.
Get the house checked and appraised
We highly recommend getting an inspection to determine if there are any major issues prior to you buy your house. A VA-approved appraiser can appraise the property to ensure it is in compliance with the minimum requirements for property conditions (called minimal property standards or MPRs) and provide an estimate of the value of the property. Be aware it isn’t exactly the equivalent to an inspection.
If your property isn’t appraised to a price that is sufficient to qualify for the loan there are several alternatives. You can:
- Request Request a Reconsideration (ROV). You may solicit your agent for a real estate loan to supply the lender with proof of sales which proves that it is more valuable than the appraised value. The lender will then ask an appraiser for a reconsideration the appraisal based on this data.
- Re-negotiate the price of sales. Ask the seller to reduce the price to be in line with what is appraised.
- The difference is appraised price and the sale price. To do this you’ll need to pay the cost at the time of closing.
Check the pre-closing documents and provide your lender any other details.
The lender you choose to work with must provide you the Closing Disclosure within 3 business days prior to closing. It is important to go through it attentively. It covers the terms of your loan, fees closing costs, as well as the estimated monthly mortgage payments. The lender could also request for additional information or documents in the near future.
Move in to your new home
The closing might be in a title firm or escrow office. Or an attorney’s office. Prepare to sign numerous documents. Be sure to be sure to go through everything before signing.
Move in
After the closing, you’re now all set to move to your new home. Congratulations!
The VA loans is loan option that is offered by private lenders, and partly secured, or backed with the Department of Veterans Affairs. We will look at the way VA loans function and what the majority of borrowers don’t have a clue about the program.
For the majority of military borrowers VA loans are the most robust credit program available.
These flexible, low-cost mortgages have assisted more than 24 million military personnel get homeownership since 1944.
But even the most experienced VA loan borrowers as well as real estate agents frequently aren’t aware of the program’s distinct benefits and flaws. We’ll explore the basics of what is a VA loan actually is as well as how it actually operates.
What is a VA Loan?
The VA loan can be described as a zero-down mortgage offered by private lenders. It is also partially secured, or backed through the Department of Veterans Affairs (VA). The borrowers who are eligible can take advantage of the VA loan to buy an investment property for their primary residence or to refinance on an already existing loan.
How Does a VA Loan Work?
VA loans operate a little different from conventional mortgages. They are a bit different from conventional mortgages. Department of Veterans Affairs (VA) is not able to make or provide loans, but they back some of the loans against default. The backing also known as a guarantee which is what makes private lenders feel confident to provide financing with no down as well as favorable rates and conditions.
From a process standpoint, VA loans work fairly similar to other mortgage options, however with a few exceptions. The typical VA loan process goes like this:
1. Get Prequalified
Find an VA lender and apply to determine the house you are able to afford according to your credit, income, entitlements and other financial aspects. Prequalification is an essential initial step that opens the way to a more effective process – preapproval for a VA loan.
2. Get Preapproved
A preapproval for a loan is a crucial step that puts you in control to get moving when you locate a property that you like. Lenders verify your the financial and income information to gain a better understanding of your buying capacity. In the end, you’ll receive an approval letter. These letters demonstrate to real estate agents and sellers of homes that you’re a serious and committed buyer with the necessary requires to make it to the closing.
3. Put in an Offer
If both you and the agent have found the ideal VA loan-approved property then it’s time to create an offer and negotiate for sale with the vendor. It’s crucial to find an VA loan expert that you trust who knows the ins and the outs in VA loans.
4. Go Through the VA Appraisal and Underwriting:
When you sign the agreement, your lender will request the VA appraisal of the property. This VA appraisal will not be an inspection of the home however it is an VA obligation to make sure that the property is in line with fair market value and VA’s minimum requirements for property.
In addition, underwriters will review your earnings, financial and other documents, as well as the appraisal after it’s completed. If everything is satisfactory and you’re approved, you’ll receive an approval to close the loan and proceed to closing.
5. Closing:
You’ll have to sign all kinds of legal papers and documents at the time of closing your loan and receive access to the keys for your newly purchased residence.
Get started on my VA loan today with Veterans United Home Loans -the number one VA buy lender
How difficult is it to qualify for an VA loan?
If you are eligible Veterans, VA loans are fairly simple to obtain because of their lenient credit score requirements with no down payment and no loan maximum limit.
10 Things Most Borrowers Don’t Know About VA Loans
The way the VA loan functions can be described in a couple of stages, there’s numerous aspects of VA mortgages that prospective clients and agents may not are aware of.
1. They’re useful. You are able to use your entire VA entitlement again and for so long as you repay the loan on a regular basis. You may also be eligible for a second VA loan, even if you’ve had to lose one due in foreclosure or are in possession of one.
2. They’re only available for certain kinds of houses. If you’re looking to purchase a farm that is working or a downtown deli, or a fixer-upperhome, the VA loan might not be suitable for you. It’s designed to be used for properties that are in “move-in ready” condition that includes single-family homes modular housing, condos or multi-unit homes and much more.
3. They’re only for primary residences. Do not try to make use of benefits from your VA benefit to purchase an investment or holiday property located in the Poconos. VA loans are intended for principal residences. However, you are able to apply this benefit to purchase a duplex or other multi-unit property, as long as you live inside one of these units. The VA can grant exemptions, however lenders have their own requirements which could affect the requirements for occupancy.
4. They’re not provided from government agencies like the VA. It’s not the case. VA isn’t engaged in the business of granting mortgages for homes. Instead, the agency offers the guarantee for each mortgage loan.
5. However, they’re backed by the federal government. If you’re a recipient of the VA benefits, the government usually will guarantee the amount of up to a quarter the amount of your loan. The guarantee gives lenders confidence and helps veterans obtain great terms and rates.
6. They’re accessible even in bankruptcy or foreclosure. Members of the military with an previous bankruptcy or foreclosure are eligible for the benefits of a VA loan. Even borrowers who’ve experienced an VA loan rescinded may still benefit from their VA loan benefits.
Are you eligible for a VA loan? Find out now. Scores that are perfect are not necessary.
7. There’s no mortgage insurance for them. The mortgage insurance premium is the monthly cost you pay through other programs when you’re placing at least 20 percent down. The VA’s guarantee will eliminate the need for Mortgage insurance cost and helps borrowers to save more money each month.
8. They have a required fee. There’s no mortgage insurance when it comes to VA loans, however there’s an additional fee called the VA funding fee. This fee aids the VA maintain the program and is required for both refinance and purchase loans. It is able to be added to the loan amount, or eliminated completely for those who have disabilities that are connected to service.
9. There’s no limit to the you can get. Thanks to the VA loan benefits, eligible veterans are able to borrow whatever amount the lender is willing to offer, and without the requirement for an initial down amount. This is a significant benefit. Conventional loans typically need at minimum 5 percent of down however down payments on bigger loans could easily be between 15 and 20 percent. A down payment of 20 percent for a house worth $400,000 is the equivalent of $80,000.
But what are the limit on loans to the VA? They don’t set a limit on the amount you are able to take out. Instead lenders as well as the VA make use of these limits for each county to determine the type of down payment is required for Veterans with no VA credit entitlement. Buyers with full entitlement do not have to think about these limitations or the necessity of an down payment.
10. There’s no charge for prepayment. You can make additional payments whenever you like which will save you hundreds of dollars of interest throughout the course of the loan. It is possible to arrange your payments so that you automatically deduct an extra amount each month. A little extra of $100 per month can cut years off and thousands of dollars off the amount.
Many people find that buying an apartment requires a large amount of money, which can make the dream of homeownership inaccessible. But for those who are eligible due to your military experience (or your spouse’s service in the military) is it possible to obtain help in buying an apartment with no cash down, by utilizing VA loan program. Veterans’ loan.
What exactly is what is a VA loan?
The VA loan is insured through the U.S. Department of Veterans Affairs. The loan itself isn’t issued by the government however the fact it’s guaranteed by a government-owned agency allows lenders to feel more confident in offering the loans as they’re less risky than conventional mortgages.
It’s possible to qualify for an VA loan without having to make a down payment and -at times even with a looser credit criteria. Although you’ll still have to meet certain standards and the lender has to approve you when you’re eligible for an VA credit, this could assist you in obtaining homeownership with lower funds than you’d have to pay for a bank loan.
What is the procedure for VA loans function?
In essence, you fill in documents with the VA to verify your eligibility to participate in the program. In addition, you are awarded what’s referred to as entitlement which is the dollar amount that is guaranteed for each VA loan. The lenders might offer to lend at least four times your entitlement.
With all that put in place, you are able to qualify for an VA loan with no down. VA loans don’t also require PMI. Private mortgage insurance (PMI) however, you’ll have to pay an VA financing fee at the time you are done, that will be a proportion of the loan’s value. The fee is used to keep the program in operation to allow future loan borrowers.
What are the VA loan eligibility prerequisites?
The first step is to should ensure you’re qualified for the VA loan. The government has requirements for veterans and those serving in active duty. The government provides options for military spouses to get VA loans. You can find more details from the official website The essential requirements are:
- You’re currently serving in active military service or you’re a veteran who has been discharged honorably and has met the minimum requirements of service.
- You must have served at least 90 days of active service during wartime or 181 consecutive active days of service in peacetime.
- You may have served over six more years with the National Guard or Selective Reserve.
If your spouse was killed in the service then you could be eligible for the VA loan.
To be eligible for a loan, you must obtain an VA Certificate of Eligibility, or COE. Without this certification it is not possible to obtain a loan.
How do you apply for an VA certificate of eligibility for a loan
If you’re searching for an VA Loan Certificate of Eligibility You can obtain one through your eBenefits website online, or through your lender.
To apply, you’ll have to submit different documents according to the current status. Veterans must submit an DD Form 214, and active duty military personnel must provide an official affirmation of their service. The statement of service must contain:
- Full name
- Birth date
- Social Security number
- The date that you first started your duty
- Any time lost
- Name of the person who provided the information
Certain requirements might apply to National Guard or Reserve members and survivors of spouses. For more details, go on the VA’s benefits site or by talking to a lender who is qualified.
Are there any VA house occupancy requirements for loans?
Additionally, to ensure you’re qualified to receive the VA loans, it is also important to ensure that you need to be able to meet the occupancy requirements. You must reside in the house that you’re financing as your primary residence. The loan cannot be used to purchase the purchase of an investment property or as a vacation home.
You can also refinance an VA loan. In addition, the VA offers a program for helping you refinance your loan to a loan that has a lower interest rate.
What is the VA subwriting requirements for loans?
Every lender has its own set of criteria to determine who’s considered a “good risk” for a mortgage. But, there are a few essential things to bear in your mind:
- The borrower must prove they have enough income to cover mortgage repayments.
- They shouldn’t be burdened with a massive debt burden.
- Although there isn’t a required minimum score for credit scores, borrowers may struggle to be accepted by a loan provider in the event that they don’t have at the very least the 620 FICO Score.
Also, it is possible to utilize benefits from a home loan following bankruptcy, provided that enough time has passed.
What do you know about VA rights and the reasons why they are crucial?
One of the most important features that is a major feature of VA loans is their entitlement. The VA loans entitlement the amount to which VA will make available to the lender in case of do not pay.
Two types of entitlements:
- Basic rights: Up to $36,000 for loans less than $144,000 which is 25 per cent for loans equal to that value or more.
- Bonus entitlement: up to 25% from the Federal Housing Finance Agency (FHFA) loan limit, less the basic amount.
If you need to buy a house which is priced higher than 144,000 dollars, the bonuses allowance is available. For instance, in the majority of counties across the U.S., the FHFA conforming loan limit for 2021 amounts to $548.250. In that scenario 25 percent of that loan amount is $137,062.50. To get the full entitlement, it is necessary to subtract the basic entitlement, which leaves your with $101,062.50 as bonus entitlement cash.
A lot of lenders will provide a loan to those who qualify for the VA loan that is up to four times the entitlement. Therefore, you may be able obtain a loan worth 144,000 on your base allowance of just $36,000.
For those who reside in high-cost regions The bonus eligibility is calculated the same manner, however it is it is based on the greater FHFA Conforming Loan Limit that is determined by the county in which the home is situated. Before submitting an application, check the FHFA website for more details about the loan limits in your particular area.
How do you apply for an VA loan
After you have all the paperwork in order, you are able to make an application for loans via an VA lender. There are a few institutions that offer VA loans therefore, you should search for a lender who can collaborate with you. In most instances, a reputable VA lender will be able to address your questions and help you navigate the procedure.
Compare the terms of your loan in addition to VA rate of interest to make sure that you’re getting the best rate for your needs. Be sure to be familiar with the fundamentals regarding how to go about the VA loan process before you begin.
What is the VA loan limits for 2021?
From January 1st, 2020 there aren’t any restrictions on the amount of VA loans. However, your lender can set their own rules and your eligibility will be tied to the limits of conforming mortgages.
If you’ve been as a military member and are in need of to get a mortgage, you might qualify for a VA loan could be the right one for you, regardless of whether you’re buying a property or refinancing. Learn more about the benefits.
What exactly is an VA loan?
The VA credit is type of mortgage which is backed through the U.S. Department of Veterans Affairs and administered by a private lender for example, a bank credit union , or mortgage company. A VA loan could help you purchase an apartment because it generally does not require a down payment.
Only eligible U.S. veterans, active-duty military personnel, and survivors of spouses are qualified to receive VA loans. In 1944, the GI Bill of Rights created the VA home loan program in 1944 in order to help veterans gain a foothold into civilian life following World War II.
What exactly is an VA loan function?
The guarantee of the VA means that the government will reimburse the lender a percentage of the VA loan in the event that the borrower isn’t able to pay. This reduces the risk for lendersand allows them to provide favorable conditions and do not require a down amount.
If you are eligible, you may fill out an VA mortgage application through the lender you prefer. A majority however, not all lenders provide VA loans. Some lenders specialize in servicing VA loan borrowers.
VA loan eligibility
You could be qualified to get the VA mortgage If:
- You’re a active-duty military personnel or veteran who has met the length-of-service requirements.
- You are the spouse who survived an active military member who passed away during active duty or suffering from an injury or disability that is related to service and you’ve not been married or divorced after the age of 57 as of December. 16 in 2003. Spouses of soldiers in prison or service members who have been missing are also qualified.
- You have met the lender’s criteria for credits and earnings. The VA does not set the minimum credit score to qualify for VA loans however lenders can define their own standards for minimum credit scores. The lender also takes into account your debts and income to determine your capacity to pay back the loan.
- The home you wish to purchase is in compliance with requirements for safety and construction codes. It will be your main home.
How much is what is the VA maximum loan amount?
It is the Limit of the VA Loan is the amount you are able to take out without needing to pay for a down payment. In 2020, loan limits were removed for current military members and veterans with access to the full VA loan benefits. But, loan limits continue to are in place for borrowers who have had a VA loan or who have defaulted on the VA loan.
In 2021 the standard VA loan limit will be $548,250 for single-family homes in the normal U.S. county, but it could go up to $822,375 in high-cost regions. It is possible to obtain the VA mortgage even when your property’s value is higher than the limit of the county, but you’ll have to pay an down amount.
Different types of VA loans
The VA loan program provides various choices, including refinancing and purchase mortgages, renovation and rehab loans, and The Native American Direct Loan. Here’s a brief outline:
| Type of VA loan | Features |
|---|---|
| VA purchase mortgage |
|
| Refinance VA’s cash out |
|
| VA streamline refinance (also known as an refinance with Interest Rate Reduction Loan or IRRRL) |
|
| VA rehabilitation or renovation loan |
|
| Native American Direct Loan (NADL) |
|
Benefits of VA loans
Here are the top benefits of VA loans in comparison to traditional and FHA loans:
There is no down payment or mortgage insurance is required. Other types of loans require down payment and have an additional cost to mortgage insurance. FHA loan require mortgage coverage regardless of down payment amount, while conventional loans typically require mortgage insurance when the down amount is not more than 20 percent.
High-interest rates for competitive rates. Average 30 year rate on mortgages was lower VA loan home than FHA as well as conventional loans in the month of September according to data from mortgage provider ICE Mortgage Technology.
Limited closing expenses: Costs for closing are the various charges and costs you incur for obtaining an mortgage. It is the Department of Veterans Affairs limits the origination fee charged by lenders to not exceeding 1 percent of the loan and bans lenders from charging additional closing cost.
Advantages of VA loans
Each type of loan comes with negatives for some customers. There are a few possible disadvantages to VA loans. VA loan.
VA financing fee for loans While VA loans do not need an insurance policy for mortgages, they are accompanied with an additional cost, namely an funding fee. The fee is determined by the Federal government and is used to cover the cost of foreclosure the loan if the borrower fails to pay. The fees range between 1.4 percent to 3.6 percent for the loan contingent on your down payment as well as whether this is the first time you’ve taken out a VA loan. It is possible to pay the fee in advance or incorporate it into the loan.
Purchase loans can only be used for primary residences The VA loan isn’t a good option for acquiring VA loans to purchase a VA loan to purchase an investment property or holiday home.
Some properties are not eligible. An appraiser who is approved by VA will review the home you’re planning to purchase to determine its value of the property and determine if that it is in compliance with the minimum requirements of the VA for property. Certain fixer-uppers might not conform to the VA’s minimum standards.
How many times can you make use of the VA loan?
The process of getting a VA loan isn’t a once-only deal. After you’ve used the VA mortgage to buy the home you want, you are able to obtain a second VA loan ifyou:
- You can sell the property and take care of your VA loan.
- You can sell the property and a veteran buyer is willing to take over this VA loan.
- You pay back you VA credit in its entirety and retain the home. Only once you are able to get another VA loan to buy an additional property to use as your primary residence.
How do you apply for an VA loan
Request a certificate of eligibility A VA document of eligibility will show a mortgage company that your military service is in compliance with the criteria for an VA loan. A VA-approved lender is able to obtain the certificate for you that is required prior to when the loan can be closed. You can obtain the certificate from VA via the internet or mail.
Find the best lender Choose the right lender: Some VA lenders are designed specifically to borrowers with less credit and some offer more options for VA loan options. You can get pre-approved by multiple VA mortgage lender, and compare their qualifications requirements as well as the rates they charge for mortgages.
Find a hometo buy a primary residence using the aid of a VA loan and also to satisfy the minimum requirements for property for cleanliness solid, safe and solid in structure. After you have made an offer on the property you’re interested in and the mortgage lender is able to examine your finances and request an appraisal from the VAto ensure that the property fulfills all criteria. If your appraisal and application have been approved, the next steps are to pay off the loan and then move into the home.
What Is a VA Loan?
The VA mortgage is loan made available through a scheme created in the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans veterans, service members and their spouses who survive them can buy homes with no or little down payment and with no personal mortgage insurance and typically receive an interest rate that is competitive.
KEY TAKEAWAYS
- The VA credit is kind of mortgage that is offered by an U.S. Department of Veterans Affairs program.
- VA loans are accessible to veterans and active military personnel as well as spouses of survivors. They are insured with federal funds, but provided by private lenders.
- VA loans come with large terms, like no down payment and no mortgage insurance and there are no prepayment penalties.
How a VA Loan Works
VA loans assist active military personnel as well as veterans and their spouses that survive them to get homeowners. They offer the possibility of 100% financing of the worth of a home. The borrowers who are eligible can take advantage of an VA loan to buy or construct a house or to repair and improve the home, or to refinance loan. 1
The VA determines the eligibility criteria determines the terms of mortgages, and guarantees loans, however it does not actually provide the financial assistance. The alternative is that mortgages for homes in the home of VA are offered through private lenders, like mortgage and bank businesses. 1
When applicants are seeking loans they must present the lender with the certificate of eligibility issued by the VA. To obtain an official certificate of eligibility, they need submit documentation pertaining to your service which may differ depending on whether you’re on active military or an veteran. The certificate is available via the VA’s website. While some of the lender’s requirements for underwriting have to satisfy, the majority of instances, VA loans are easier to obtain in comparison to traditional loan. 2
The VA loan, Federal Housing Administration (FHA) loans as well as other loans that are insured through departments within government departments of United States government have securitization through the Government National Mortgage Association (GNMA) Also called Ginnie Mae. These loans are covered by the security by government of the U.S. government against default.
The borrower can apply for an VA loan multiple times, however the fee for funding increases applying for the VA loan following the first attempt if the down payment is lower than 5percent. Fees vary between 1.4 percentage to 3.6 percent of the amount of the loan. 3
VA Loan Terms
The conditions that apply to VA loans are very large in comparison to other mortgages, and even in comparison to federal loans. The benefits include: 1
- A down payment is not required unless the lender requires it or if the property’s purchase price is greater than the value of the property.
- There is no insurance for private mortgages.
- The closing costs are not a lot and can be paid from the vendor.
- There is no penalty for prepayment when the borrower repays the loan earlier.
- Assistance is available through the VA to assist borrowers in avoiding the risk of default.
Score on credit minimum requirements vary between lenders. The VA’s sole credit requirement is that the borrower be considered a creditworthy risk to a lender. The advantages of the VA credit are exactly the same regardless of which lender you pick. 4
Types of VA Loans
The VA offers a variety of mortgage loans.
Home Purchase Loans
VA mortgages for home purchases allow veterans buy homes with a low interest. They typically don’t require a down payment nor personal mortgage insurance.
Cash-Out Refinance Loans
The cash-out refinance loans permit homeowners to take out loans against the equity in their home to pay off debts, pay for education, or to make home improvements. Refinancing is a way to get an opportunity to obtain a mortgage in greater amounts than the note currently in place and can convert the equity in your home to the cash. 5
The VA also provides the adapted housing grant. These grants allow veterans with permanent and total service-connected disability purchase or construct an adaptation home or adapt an existing house for their condition. 6
Interest Rate Reduction Refinance Loan
Refinancing with interest rate reduction loan (IRRRLs) which are sometimes referred to in the same way as VA streamline refinance loan allow borrowers to obtain lower rates of interest through refinancing their current VA loan. This is a loan-to-VA-loan procedure which allows homeowners who have the benefit of an VA mortgage to obtain a fixed rate loan with a lower interest rate, or convert one’s fixed-rate loan (ARM) to an fixed-rate loan. 7
Native American Direct Loan
It is the Native American Direct Loan program aids those who are eligible Native American veterans finance the purchase, construction or repair of homes that are located that are located on trust property owned by the federal government. Also, lower interest rates accompany the loans. 8
