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VA Home Loans

VA home loans allow veterans to purchase a home with no down payment. Saving money for a down payment is probably the biggest obstacle to homeownership. But by waiving the down payment requirement, VA home loans open the door to homeownership for many veterans.

You may check current mortgage rates for no down payment mortgages available through VA Home Loans for Veterans.

VA Home Loan Process and Requirements

The VA doesn't lend money itself. Instead, it guarantees loans made by private lenders. Only government-approved lenders such as Total Mortgage can offer VA home loans.

As long as the mortgage doesn't exceed the home's appraised value, veterans can purchase homes with no money down with VA home loans up to $417,000. In some high-cost counties, veterans can obtain mortgages up to $729,725 with no down payment.

Besides veterans of the U.S. armed forces, active duty personnel, reservists and National Guard members, and some surviving spouses are eligible for VA home loans.

VA Mortgage Loan Expert Eric Khan
Contact us at 877-868-2503 to speak with a VA mortgage loan expert Eric Khan now or apply for a VA home loan and purchase a home with no money down.

Benefits of VA Loans:

Besides not requiring down payments, VA home loans help veterans afford homes in other ways.

  • No mortgage insurance payments

    Traditional mortgage programs typically require homeowners to pay monthly private mortgage insurance payments, but VA home loans lack this expense.

  • Sellers can pay closing costs

    Sellers are allowed to pay for closing costs, up to 4 percent of the mortgage amount.

  • Closing costs can be financed

    Closing costs can be a burden to first-time homebuyers, but you can finance closing costs by including them in the mortgage. Home buyers pay a VA funding fee upfront, but that fee can also be rolled into the total loan amount or paid by the seller.

VA home loans offer other important advantages to veterans purchasing a home. You can prepay the loan without penalty. You don't have to be a first-time home buyer to qualify, and you can reuse the VA home loan benefit to purchase another home with no down payment. Plus, the loan can be assumed by another qualified veteran, and the VA can offer help if you later default due to temporary financial difficulties.

Purchasing a house with a VA Mortgage Loan?

The purchased home must be your primary residence. However, you can meet that requirement if your spouse lives in the house even if you are living overseas.

Refinancing with a VA Mortgage Loan?

Veterans can also use VA home loans to refinance their current mortgage with current mortgage rates, although mortgage amounts are limited to $144,000.

VA Home Loan Expert Eric Khan
Contact us at 877-868-2503 to speak with a VA mortgage loan expert Eric Khan now or apply for a VA home loan and purchase a home with no money down.

Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.

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