No Money for a Down Payment? No Problem with a VA Home Loan
No down payment is needed for a VA home loan. Photo: Thinkstock/Wavebreakmedia Ltd.
The biggest barrier to home buying for most people is coming up with a down payment.
Many families have a hard enough time paying bills day to day, let alone putting aside thousands of dollars to put down on a house. And as property values rise, like they are now, you need more and more down payment just to keep up.
But as an eligible active duty Servicemember or Veteran, a down payment is something you don’t have to worry about as you plan to buy a home.
The VA home loan is one of the only loans on the market that allow you to buy with no down payment. Even FHA, the go-to loan type for most first time home buyers, requires a 3.5% down payment – $8,750 on a $250,000 home.
You have an incredible advantage over most home buyers if you are VA-eligible. Those without military experience or eligibility might take years to save up to buy a home. But for you, a home could be within reach right now.
How do you know if you qualify?
First, check your eligibility here. We’ll connect you with a qualified VA loan officer who can request your Certificate of Eligibility and often obtain it within minutes.
Next, the loan officer can check your credit to make sure it’s adequate to qualify. Generally you need a 640 credit score to qualify with most lenders, although some allow a 620 score.
After that, the VA loan officer will check your employment and income, and if it all checks out, you can buy a home. As these VA home buying success stories show, the process is not as difficult as many believe.
With the barrier of a down payment removed, many people who never thought they could buy a home end up in the home of their dreams.
And, owning a home is often less expensive than renting. Why continue to pay your landlord when you could benefit from low payments and appreciating home values?
Your military service has earned you this benefit. Might as well take advantage of it!
So if you’re concerned that you don’t know enough about the process or you’ve been putting it off, now is a great time. There’s no cost or obligation to checking if you qualify. There’s really nothing to lose, except if you don’t sieze this great opportunity.
Call (866) 240-3742 or simply complete a short questionnaire to get started now. Who knows, in a few weeks you could be on your way to buying your own home, when home buyers without a VA loan are still saving up for that down payment!
