Not sure if you can afford your dream home?

Is the down payment a stumbling block?

A VA loan not only doesn’t require a down payment, but in some cases a seller may cover some of your closing costs as well.

A VA loan is one of the only true NO MONEY DOWN MORTGAGE in the current residential lending market. But only eligible veterans can qualify under VA purchase loan guidelines.

While other programs offer low money down loans, including the FHA and USDA, there is only one true no money down loan available in the market today and that is the VA guaranteed loan. In some ways, It’s even better than a zero money down mortgage. Most if not all of the closing costs can also be covered by the seller.

Maximum Zero Down VA Loan Amount

There is considerable confusion about how to calculate the maximum loan amount for a VA zero down payment loan. The definitive answer can be found on the VA benefits site in the latest publication of VA loan limits and there are no exceptions. This site is from the VA and it actually lists the precise numbers for you.

Note that if your county is not listed then the max is $417,000.

How to apply for a 100% No Down payment VA loan?

Except for the Certificate of Eligibility, which is easy to obtain, a VA loan is just as easy to obtain as a conventional non-VA loan.

You find a VA mortgage lender, talk to a loan officer and fill out the Uniform Residential Loan Application, also known as the Form 1003. This form requires information about your income, debts, assets, family, job history, the house you wish to finance, and more. It is exactly the same form filled out for nearly every other home loan requested in America.

Based on the information provided by you, the underwriting process begins. Before a final approval, a VA lender’s underwriter will make sure that you meet the qualifying guidelines by verifying your credit, your income, the value of the house, and the status of your certificate of eligibility.

A mortgage is a big commitment and you need an experienced professional guiding you through the process, answering your questions so that you’ll know with confidence that you made the right choice. The main focus of the loan officer assisting you must be on you and your goals.

Most VA lenders have streamlined the process of VA loan approval and can assist you in getting your loan closed as quickly as possible so you can get settled in your new home.

Get started today and get a free quote from a qualified VA lender!

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