Home Buying in Tampa>Question Details

Jason, Both Buyer and Seller in 33569

VA benefit and zero down?

Asked by Jason, 33569 Sun Mar 1, 2009

What does the VA benefit entail when buying a new home? I recently sold my home have an excellent credit score >760 but only have a limited amount of cash to put down for a down payment. Does the VA benefit help you with zero down loans or are these non-existent now?

Thanks
Jason

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Answers

7
The VA loan does a lot more than give you 0% down. It also allows you to do upto 6% in seller concessions to apply towards your closing costs. The VA funding fee is placed on top of the loan just like FHA. Check the link for answers to any other questions you might have.
1 vote Thank Flag Link Sun Mar 1, 2009
yes your VA benifit will make for zero down loan. Take advantage of it soon, because if you are alsoa first time buyer you may qualify for the $8k tax credit and you can amend your '08 return and get your $8k sooner rather than waiting for next years return. Oh and if you buy in Pasco county you'll aslo have (most likely) the ability to do the USDA loan which is also a 100% financing which is pretty great! Let me know if I can help.
0 votes Thank Flag Link Wed Apr 29, 2009
Hi Jason. If you have never used your VA Home Loan Guaranty (or if you've used it before and sold the home with sufficient restoration of eligibility), there is good potential to purchase a home with no money down. There is no maximum VA loan amount; however lenders will generally limit VA loans to $417,000 currently. Having worked for the Veterans Administration Regional Office for 35 years, I highly recommend the program for veterans and service personnel. Your first step is to contact a lender who is approved to process VA loans and can obtain your Certificate of Eligibility quickly if you don't already have it. If you need help in finding an approved lender or assistance in finding the right home at the right price, please feel free to contact me any time. Also, check out http://www.homeloan.va.gov and/or call the VA Regional Office in St. Petersburg, at their toll free number 1-800-827-1000 for more information about the Home Loan Program as well as VA benefits in general.

Darla Schroeder, Realtor, GRI, e-PRO
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708
darla.schroeder@century21.com
727-541-3743
0 votes Thank Flag Link Mon Mar 2, 2009
Is there a max for a VA home loan? Does it cover partial loan guarantee if the loan is more then the VA guarantees?

Jason
0 votes Thank Flag Link Sun Mar 1, 2009
Hi,Jason:

VA is one of the only 100% financing programs left and it is not going away.
0 votes Thank Flag Link Sun Mar 1, 2009
Hi Jason,
Yes for eligible veterans the VA program still provides a 0% down payment financing option, aso with no PMI. It's a great program
Tony
0 votes Thank Flag Link Sun Mar 1, 2009
Jason,

My recent experience with 2 VA buyers has been no down payment needed. Check with your lender of course. Feel free to contact me if you need to speak with a good lender who knows the ins-outs of VA loans.
Web Reference: http://LennyGurvich.net
0 votes Thank Flag Link Sun Mar 1, 2009
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