VA loan with no money down really possible??

Asked by Happy, Ontario, CA Tue Nov 6, 2012

Fiance is a veteran and we would like to purchase a home with no money down. Is this possible???

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JulissaSolo, , Dallas, TX
Wed May 6, 2015
A no-down payment mortgage allows the borrower to purchase a home without putting any money down. In this case, the lender is actually financing 100 percent of the purchase price of the home. Although this type of home mortgage loan is often hard to come by, a no-money down mortgage is still an option for those who meet the requirements.

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:……
4 votes
Soniajanki, Home Buyer, San Jose, CA
Fri May 15, 2015
Loans with low or no down payment
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.

Search for the lowest mortgage rates

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.
1 vote
Alex Montelo…, Agent, Seal Beach, CA
Mon Nov 24, 2014
As my colleagues have stated before me.... A VA loan with no money down is possible. It is important however how you structure the offer in order to have a seller accept your offer. You must always put your best package together. You must always put up a good faith deposit. You can get 100% financing so at the close of escrow the good faith deposit that you originally put down comes back to you or is used to cover the closing costs. Some lenders are able to assist with the closing costs. You can also ask the sellers for a credit to cover some closing costs. There are agents or brokers that understand how best to structure the offer. It is very important to work with someone who has done this before.

Best of luck.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
1 vote
Durham.kendra, Home Buyer, Dallas, TX
Wed Mar 22, 2017
My Loan Is Your Loan work with borrowers down to a 550 credit score for VA, FHA, and USDA loans. They have a direct lender who was able to get my loan closed fast. I would check them out. I worked with Brian Young at 2147973479 I would call him super easy and nice he helped before we completed an application.
0 votes
VA Mortgage…, , Jacksonville, FL
Thu Jun 16, 2016
It sure it. VA along with USDA Rural Housing (another government backed program) both offer 100% financing for approved /eligible home buyers.

VA Mortgage Hub
National VA Loans
0 votes
, ,
Wed May 6, 2015
Hello Happy, yes you may qualify for a VA or CalVet no money down loan if you are a Veteran as I am. There are costs such as deposit and appraisal fee which can be reimbursed at funding.

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
BRE# 01140252
NMLS# 297251
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7 or

If my response was helpful, consider clicking Thank, Link or Best Answer.
0 votes
Bryan Horn, , 92101
Tue Nov 25, 2014
Yes. VA loans don't require any down payment.
Wells Fargo is a good source because we don't charge any processing or origination fees.

Call or email me and we'll get u pre-approved
0 votes
Chad Roberts, Agent, Henderson, NV
Tue Oct 21, 2014
You will need to have a certificate of eligibility to be eligible for a VA guaranteed home loan. Once obtained, you can contact a local professional who can assist with all facets of your home search. From there, pursue listings that allow for VA Home Loan financing. A Realtor can inform you on the various facets involved with VA financing, in addition to your lender.

Chad Roberts
Realty One Group
0 votes
Josh Barnett, Agent, Chandler, OK
Tue Oct 21, 2014
Yes, but you will still have closing costs and your fianace will have to have their cert. of eligibility.
0 votes
, ,
Tue Oct 21, 2014
Hello Happy,

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!
0 votes
Alexis Jeffr…, Agent, Jenkintown, PA
Fri Jun 7, 2013
Yes, I just got finished with a settlement here in Pennsylvania with a Veteran first time Buyer. My client did 100% financing and paid his closing costs at settlement.

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.

Alexis Jeffries
Liberty Bell Real Estate
Of Jenkintown
Office: 215-885-3332
DIRECT PHONE: 215-237-4147
0 votes
, ,
Thu Nov 8, 2012
Just a heads up: in order for a VA buyer to have a cosigner you must be married. No exceptions.

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.
0 votes
Cindy Davis, Agent, San Diego, CA
Wed Nov 7, 2012
Yes - but....

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.
0 votes
Christopher…, Agent, Tarrytown, NY
Wed Nov 7, 2012
Hi, Yes, VA loans are one of the few if any toher 100% finan cing loans available today. They are guaranteed by the government. They do have specific criteria your spouse and the property chosen will have to meet in order to qualify.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
0 votes
Liz Socha, , Pomona, CA
Wed Nov 7, 2012
Many unmarried vets purchase homes. A lender will be able to determine if your SO's income can be used to help qualify for the loan in addition to your income.

I have lenders who can assist.

Nick Socha
C21 Amber
DRE #01831473
0 votes
Happy, Home Buyer, Ontario, CA
Tue Nov 6, 2012
Qualifications for VA loan?? do we have to b married?
0 votes
Nick Socha, Agent, Los Angeles, CA
Tue Nov 6, 2012
Yes, I have several lenders who do VA NO NO loans.

Nick Socha
C21 Amber
DRE #01831474
0 votes
Flag Tue Nov 6, 2012
Gary Geer, Agent, Antioch, IL
Tue Nov 6, 2012
Yes. Most of the time only $500 is usually required if your Fiance qualifies.
0 votes
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