Applicants who qualify for a home loan program available from the Veterans Administration (VA) can purchase a home with no down payment. If you are a U.S. veteran, a surviving spouse of a veteran or are currently serving on active duty in a branch of the U.S. military, you may qualify for a no-money down VA loan to purchase an owner-occupied home. Townhouses and condos located in approved VA project complexes also qualify for no-money down VA mortgage financing.
Benefits of a VA Loan in Today's Market:
Homebuyers with little money for a down payment are finding more home loans available for a low down payment or even no down payment.
The Federal Housing Administration, or FHA, insures loans with small down payments, and private mortgage insurers have relaxed their down payment requirements. It's even possible to get a mortgage today with no money down. The nation's biggest credit union offers "zero-down" mortgages. The Department of Veterans Affairs, or VA, and the Department of Agriculture, or USDA, guarantee home loans with no down payments.
Following are a few options for borrowers seeking low down payment and zero down payment home mortgages.
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No down payment: VA loan
The VA guarantees purchase mortgages with no required down payment for qualified veterans. Private lenders originate VA loans, which the VA guarantees. There is no mortgage insurance. The borrower pays a funding fee, which can be rolled into the loan amount.
The VA funding fee varies, depending on whether the veteran served in the regular military or in the Reserves or National Guard, and whether it's the veteran's first VA loan or a subsequent one. The funding fee can be as low as 2.15 percent or as high as 3.3 percent.
If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve you can be emailed listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.
You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, home price, loan program and how much you want to invest into the down payment and closing costs.
It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. Here are some links to study as well as web reference links to many loan program pages offered...
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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Best of luck.
Coldwell Banker Star Realty
BRE Lic #01456982
Realty One Group
Yes you can! Through VA financing buyers typically are not require to pay a down payment. And through special programs and promotions you may ever qualify for a no closing costs loan as well. This could mean no money out of pocket to purchase your new home.
But there is one thing you need to realize about your case, until you are married the VA may only cover your fiances portion of the home purchase. This means you may need to come in with a down payment that supports your half of the property. That being said it may be wise for you to wait until you are married to take advantage of VA's zero down payment.
I hope this helps but if you have questions or would like to see if you qualify please don't hesitate to contact me through Trulia or my website. Best of luck!
A VA Loan is a great financing option for Veterans!
Please contact me with your real estate questions, buying, or selling needs here in Pennsylvania. Also, I will be licensed in New Jersey by the winter of 2013.
Liberty Bell Real Estate
DIRECT PHONE: 215-237-4147
With that, YES! Not only no money down, but all your closing costs may be paid by the lender.
I just closed a transaction for a veteran who not only put zero down, but all his closing costs came as a credit from the lender, in this case me. He actually walked away with $300.
You will be required to put an ernest money deposit down on the property. This is usually 1% of the purchase. Those funds may either be applied toward your closing costs or you may receive all back at the time of close. So, you may be given it as gift keeping in mind you will need to document its origin.
Please feel free to email me any specific questions as I am very familiar with the VA loan process.
Every transaction costs money. While the mortgage is a zero percent down mortgage, you should definitely have some cash at hand. It is wise for you to pay at least some of your closing costs...and you will have to pay for your own appraisal and property inspection. These things do cost money.
Although VA loans are a great option, buyers sometimes have difficulty getting these accepted when bidding against buyers with stronger down payments.
Good luck with your transaction. I suggest you meet with a loan officer familiar with VA loans and explore your options.
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
I have lenders who can assist.