No Down Payment Options

One of the most popular benefits that Veterans enjoy as part of their earned benefits is the ability to buy a home with no money down. There is a "funding fee" that is a part of each mortgage but that can be rolled into the loan, allowing veterans to avoid paying a down payment. 

What does this mean? To start with, it creates opportunity for many people to more quickly buy and get the benefits of home ownership rather than having to save up a larger down payment. On a $200,000 home, a 5% down payment that is often required on conventional financing would be $10,000. This often becomes an obstacle for many aspiring homeowners. 

Here is a quick comparison of how down payments are reduced with VA Home Loans:

Assuming the same 5% down we discussed above, if your loan amount is:

$100,000  - then you have potentially reduced your down payment by $5,000

$150,000  - then you have potentially reduced your down payment by $7,500

$200,000  - then you have potentially reduced your down payment by $10,000

$250,000  - then you have potentially reduced your down payment by $12,500

$300,000  - then you have potentially reduced your down payment by $15,000

$350,000  - then you have potentially reduced your down payment by $17,,500

Looking for an exact idea of what your VA Benefits are worth to you? Give us a call! We will be happy to discuss your specific situation and help you think through the best scenario to fit your needs. Each and every situation is different and unique. MilVetHomes Real Estate Specialists are happy to guide you through the process.