Do VA Loans Require a Down Payment?
Chances are you’ve heard that a VA home loan is one of the best on the market. If you are a service member, the relaxed VA loan requirements mean that no down payment is required. This program is designed to help get service members their own home, and no down payment is one of the biggest benefits that come with a VA home loan.
No Down Payment and More Benefits
While no down payment is certainly the biggest benefit of a VA home loan, it is closely followed by the benefit of not having to invest in private mortgage insurance that is typical of conventional mortgages with low down payments. This can reduce your overall monthly mortgage payment, making your home more affordable.
Other VA Loan Requirements
While VA loans greatly reduce the burden of conventional loans with lower down payments, lack of private mortgage insurance, and better terms, there are still requirements that must be met to qualify. Qualifications for veterans home loans include:
- A documented source of income to show that you can pay the monthly payments
- Your credit standing – yes this is important
- Your credit history (they’re going to pull a report)
- Your Separation from the Military or proof of active duty
Know Your Options
There are many different financing options available on the market with various terms and eligibility requirements. The expert loan officers at Mortgage Solutions Financial can help explain VA loan requirements so you can decide if it is the right option for you. Contact us today to learn more.