Financing in Houston>Question Details

Faith Floyd, Real Estate Pro in Houston, TX

Wait is the down payment for a VA loan? Is there any? Can you write it all into the loan?

Asked by Faith Floyd, Houston, TX Tue Sep 7, 2010

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No down payment required. VA ia 100% financing.
You can seller pay some or all of the costs to get someone in for as little as earnest money.
0 votes Thank Flag Link Tue Sep 7, 2010
Hi Faith,

The VA loan does not require a down payment DEPENDING on the veterans available eligibility and the purchase price. This generally will apply to VA Jumbo loans where the loan amount exceeds $417,000.00.
I'm working on file right now where the veteran will be required to put $47,000 down but he is ending up with a $622,000 loan at 4.25% on a 30 year fixed with no monthly mortgage insurance.


There is a formula that must be used to determine the amount of the required down payment if any.

The closing costs can be covered as others have already said by utilizing seller concessions up to 4% of the purchase price
1 vote Thank Flag Link Wed Sep 8, 2010
Hi Faith,

The VA loan does not require a down payment DEPENDING on the veterans available eligibility and the purchase price. This generally will apply to VA Jumbo loans where the loan amount exceeds $417,000.00.
I'm working on file right now where the veteran will be required to put $47,000 down but he is ending up with a $622,000 loan at 4.25% on a 30 year fixed with no monthly mortgage insurance.


There is a formula that must be used to determine the amount of the required down payment if any.

The closing costs can be covered as others have already said by utilizing seller concessions up to 4% of the purchase price.
0 votes Thank Flag Link Wed Sep 8, 2010
On VA you can roll in all cost not to exceed 4%. The VA non allowable you can do 100% without any monies down. First use has a 2.15 funding fee and second use has a 3% funding fee, both are rolled into the loan and no monthly mi. You must have a 620 credit score and can only be veteran or veteran and spouse but no one else can sign with the veteran.

If you want to learn more, I hold a free online workshop (webinar) on Tuesday Nights at 9pm on VA loans. You can sign up for it here http://www.ezmeetingsonline.com/bradanddeniseteam/home-buyer…
0 votes Thank Flag Link Tue Sep 7, 2010
The VA loan charges a 3.5 % funding fee that is rolled into the loan, and there are other closing costs suh as the doc fees, title company charges,insurance and taxes ect. you can usually ask the seller to pay a portion fthese: Up to 6% ofthe purchase price. The great thing bout the Va is there is not any mortage insurance. And if you are a 100% military connected disability, the funding fee is waived:
Web Reference: http://sllokla.com
0 votes Thank Flag Link Tue Sep 7, 2010
Yep, no down payment necessary for VA. In most cases, a seller contribution should cover closing costs - you're allowed up to 4% of the sales price on that. Need a 620 or higher credit score.
0 votes Thank Flag Link Tue Sep 7, 2010
VA loans are 100% financing and up to 4% of the closing costs are rolled into it.
0 votes Thank Flag Link Tue Sep 7, 2010
VA is a 100% loan, everything can be put on top of the loan , including the funding fees and the closing costs ( as long as you allowed for seller concessions in the purchase contract)

Elena Ollick
Amerivest Realty
Faith Home Loans
239-206-4500
eo@oceanhomesrealty.com
http://www.andrewollick.com/realestateblog
0 votes Thank Flag Link Tue Sep 7, 2010
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