A Word About VA Loans
A VA home loan is a popular mortgage choice for eligible veterans who wish to purchase a home with NO down payment. Although the Veteran’s Administration charges a VA funding fee to cover costs to guarantee the loan to the lender, that fee can be added into the mortgage, which keeps up-front costs to a minimum. Since the fee is amortized over the life of the loan it has a very negligible impact on the borrower’s monthly payment. If a borrower chooses to make a down payment on a VA loan there are provisions which reduce the amount of the funding fee..
If a veteran plans to make a down payment or has used his/her VA eligibility in the past and it is tied up in another property, FHA and conventional loan programs may also provide viable financing options. A mortgage professional can help you determine which program is best suited to your personal circumstances. It is wise to request comparisons on the loan programs for which you are eligible.
Military Members will need a Military Statement of Service Document when applying for a VA loan. Sample Military Statement of Service.