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No Down Payment – 100% Financing
The United States Department of Veterans Affairs offers some of the most attractive mortgage financing programs in the country. These loans combine low rates, little to no money down, and flexible qualifying criteria for current and former members of the U.S. Military.
VA guaranteed loans are made by private mortgage lenders to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment, allowing you to obtain favorable financing terms.
VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to $417,000, though jumbo loans are available as well. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, as they are not automatically eligible for the program. VA loans are among the few mortgage loans that are still assumable, subject to buyer qualification.
A veteran can use his or her entitlement to purchase or refinance a single family residence, condominium, 2-4 family unit, or a manufactured home. A VA loan may be combined with the First Time Homebuyer Tax Credit which provides a tax credit of up to $8,000 on the purchase of a home, providing added savings to the borrower.
To get started with your VA loan request, you’ll need to compile some information for your lender. The following is a list of the documentation you should be prepared with:
- W-2’s for the last two years as well as current pay stubs
- Self-Employed borrowers will need to provide tax returns for the past two years.
- Two most recent statements on all bank, savings and investment accounts
- Name, Address, Account Number, Balance and Monthly Payment on all open credit accounts
- Address and loan information for all real estate owned
- Value of all personal property
- Certificate of Eligibility and DD-214 (for Veterans only)
To receive a quick rate quote on a VA Loan, please complete the information below:
