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The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home so long as the sales price does not exceed the appraised value.


You will need some money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs can be paid by the seller, which can be negotiated when the sale price of the home is agreed.


If 100% financing isn't enough, there are even more benefits when applying for your VA Home Loan who are ready to purchase:


  • VA Loans are assumable, provided the person assuming the loan is qualified.

  • Closing costs are limited by the VA, making sure you won't be asked to pay more than a fair price for closing costs.

  • You have the VA behind you offering additional assistance if you ever find you are having problems making your home loan payments at any time in the future.

  • Veterans can prepay their VA Home Loans without a penalty.


Here are some facts about the purchase with VA Home Loan:


  • You will need qualifing income and credit.

  • A VA loan is for an owner occupied primary residence.

  • You do not have to be a first time home buyer and may reuse his/her benefits.

  • We the lender, not VA, sets the interest rate and discount points, so they may vary depending if carry the note or share the risk with on of our wholesale lending partners.

  • There is no private mortgage insurance, but VA does charge an up front VA funding fee, which may be financed. The exception would be if you receive a VA service disability payments each month; then, he or she does not have to pay a VA funding fee.

  • With a VA Home Loan, the seller can pay your closing costs. There is a requirement that seller concessions can not exceed 4%, but only certain items are considered as part of the concession including payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, and funds for temporary buydowns (not discount points).

  • You are not allowed to pay for a termite inspection report; it is paid for by the seller.

  • The VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.

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