do you have to have a down payment when you use a va loan to buy a house?

Answer 1

Okay...your first two answers are absolutely and positively WRONG! I very much like to come here and answer questions to those that truly need help. My issue is when people come on here answer questions and ACT like they have some sort of clue. I have said it before and I will say it again. Please....if you do not know what you are talking about, please do NOT answer these types of questions. These questions pertain to people's livlihoods and wrong information could very possibly be detrimental.

To answer your question...YES. applying for and getting a VA loan entitles you to be able to finance 100% of the mortgage without any type of down-payment, period. Now, there will be closing costs tha tyou may have to pay, but many times, if you have a good Realtor, then they can negotiate that the seller pay some or all of your closing costs. Since they are not paying any of your down payment, most sellers would go for this since it is pretty common practice these days. One thing to keep in mind though, if you are using a mortgage company that is charging exhorbant fees on the loan, many sellers will not even consider doing this. My advice...make sure that your closing costs are average. If you don't think that your loan officer is being honest with you, ask your Realtor what other people are paying and they will be able to help you out. The Realtors job is to look out for your BEST INTERESTS.

Furthermore...there is no cap on income to be able to recieve down-payment assistance. These are non-profit organizations that HAVE to get rid of the money, adn they do not cap it to specific income levels. However, some local city programs will cap your income, but you do not have to use those programs. Look at Neighborhood Gold, AmeriDream or Nehimiah. These three DPA company's will take good care of you in the event that you need them. Your loan officer should know who these companies are. If not....then run Forest, run!!!

Be careful who you deal with on these types of loans. If you would like a specialist to help you out with anymore on this subject, I am a specialist at Government lending and would be more than happy to help you. Feel free to contact me at timothy.kazee@americanhm .com and we can talk if you would like.

Good luck on your homebuying experience.

Answer 2

Hello -

No you can get 100% financing.

REMEMBER UNCLE SAM WANTS TO HELP YOU BUY A HOME

- Uncle Sam is Your Friend - The U.S. Government wants for you to own a home and they will go the extra mile to help you afford one. Why? Well, every time one home is built, the effect on the economy is quite significant. Think of all the people involved in the construction of a new home, for instance. Welders, Electricians, Carpenters, Plumbers, Framers, Roofers and others are greatly affected by your choice to purchase a home.

- Little or NO Down Payment - Uncle Sam has programs like FHA and VA that can help you get into a home with a low down payment, or in some cases, with ZERO down.

- FHA and VA Programs - VA stands for 'Veteran Affairs'. Get familiar with this program, because they just might be your ticket to the American Dream.

HOW TO DETERMINE IF YOU QUALIFY FOR A VA LOAN

- VA Specifics - The VA Loan allows active or honorably discharged military personnel to obtain a home loan with 0% Down Payment. In addition, the seller is required to pay a large portion of your loan closing costs!

- Do You Qualify for a VA Loan? - To determine if you qualify for the VA loan, you simply need to meet the following criteria. First, you must be either active in one of the Armed Forces or an honorably discharged military veteran. Second, you must have reasonable debt-to-income ratio. This means that your current bills (car loan, student loans, bank loans and credit card bills) cannot exceed 41% of your income.

- FHA Specifics - If you don't qualify for a VA loan, then you should look into an FHA Loan. The FHA Loan Program allows little or no down payment, depending on your circumstances. The largest down payment you may be required to provide is 5% down. In addition, the FHA loan is also very liberal, in that, it allows a 41% debt-to-income ratio (including your mortgage payment), just like the VA Program.

- Do You Qualify for an FHA loan? - If you have proof of employment, a small down payment, and a decent payment history for your other bills in the last two years, you would likely qualify for an FHA Mortgage.

- What if you are Self-Employed? - If you are self-employed, that's OK too. We will simply need proof of income from your most recent tax returns. If you can provide this, and meet the regular criteria for an FHA loan as listed above, you qualify!

Please let me know if you have any other questions.

Kindest Regards,
Darren Meade

Answer 3

Possbily 0% down loans are nonetheless obtainable by way of VA yet they seem to be a bad concept and substantial reason for modern-day loan foreclosure disaster It skill you haven't any longer have been given any fairness interior the homestead and could build fairness VERY slowly as just about all your money pass to interest and interest and interest and taxes and insurance, and a pittance to appropriate putting down no longer something skill you pay TENS of hundreds of greenbacks greater on your place than in case you placed down 20%, or maybe 10%, as you pay interest on interest over the life of the loan Rule of Thumb: you may take care of to pay for a house 2 to 2.5 cases annual income No debt is solid, yet credit a touch low

Answer 4

No not if you have a conventional mortgage, or if you make under $37,000 per year per household you can get down payment asst Thur the government. It depends on what state your in for that info, but you could call your local county courts office. They can steer you in the right direction.

Answer 5

no you do not itd be a good thing for you to do so b/c there's no loan that covers 100% of a house loan usually one for 80and one for 20% most just take out another loan for the 20%