Equity Home Loans

Anyone with experience with VA home loans?

Do you have to have a down payment? Please give me any information you have dealing with VA home loans or suggestions, advice, experiences.

Public Comments

1. The VA website has info.
2. Im still in Real Estate school but from what I understand you have to be a veteran and I believe there is no down payment. I'd have to look it up. best bet is to go to the governments website and look up VA loans.
3. Not true about being a veteran (they can be sold from foreclosure and in other circumstances with Vendee financing available to non-veterans also). Also, not true about no down payment....that IS available to some people and circumstances, but not all. There are some additional fees as well. The best info on it can be found at www.ocwen.com which is the company the VA is using to market their homes. There are links there to the homes for sale, as well as financing info, etc. Good luck!
4. No you don't need a down payment with VA (them and USDA are the only 2 programs that still have 100% financing). You will be required to pay the funding fee though, but this can be added to the loan amount if you don't have the cash. VA is an excellent program, just make sure you work with someone who has a great deal of experience with VA loans, they can be quite complicated for an inexperienced loan officer.
5. Yes. You must be a veteran and have the proper paperwork to prove that you can get the loan. You need 3% of your own money to buy the house and can get up to 6% seller's concessions for the purchase of the home. There is a finance fee that can be rolled into the mortgage. There is a cap on how much you can spend on the purchase of the home and that varies from place to place.