Are there any good programs for down payment and closing costs assistance to be used with the VA home loan?

SGT Private RallyPoint Member — Tue, 29 Aug 2017 22:39:59 -0400

Response by PFC Jonathan Albano made Aug 30 at 2017 2:32 AM

PFC Jonathan Albano — Wed, 30 Aug 2017 02:32:30 -0400

Seems odd that you would need a down payment with a VA loan. I went into mine 0 down. Still, this link might be of help.

http://www.dsnews.com/daily-dose/05-22-2017/analyzing-payment-assistance-programs-military-veterans

Analyzing Down Payment Assistance Programs for Military and Veterans

Response by SSG Ernest Gonzales made Aug 30 at 2017 9:27 AM

SSG Ernest Gonzales — Wed, 30 Aug 2017 09:27:59 -0400

Most states have their own different programs that help with down payment and closing costs assistance. They are usually grants and can sometimes cost you a little more as far as interest rate goes. In some market areas the VA borrower will have to closing costs and or down payment, but it really helps if you align yourself with a lender and real estate agent who understands the VA loan and is aggressive in making sure you come in with truly zero money except Earnest Money , inspections and appraisal . I can help connect you if you give me a calll.. [login to see]

Response by LTC Private RallyPoint Member made Aug 31 at 2017 5:35 AM

LTC Private RallyPoint Member — Thu, 31 Aug 2017 05:35:02 -0400

No down payments and no requirement for mortgage insurance are two of the best benefits of VA loans. The VAs guarantee to the bank takes the place of the downpayment. I would double check on any bank that was saying they needed a downpayment on a VA loan.

Response by Capt Private RallyPoint Member made Aug 31 at 2017 12:52 PM

Capt Private RallyPoint Member — Thu, 31 Aug 2017 12:52:47 -0400

You can include your closing costs and do not require a downpayment with your VA Home Loan. You can fund up to 105% of your home value. A downpayment is only required if you are over the VA Loan Limit for your area.

Response by Cpl Justin Goolsby made Aug 31 at 2017 7:09 PM

Cpl Justin Goolsby — Thu, 31 Aug 2017 19:09:42 -0400

Shouldn't need a down payment with the VA... and regarding Closing Costs, one of the best kinds of assistance is a good realtor and a person who is really trying to sell. My realtor arranged to have the seller pay all the closing costs which was a huge benefit for me.

Response by SCPO Private RallyPoint Member made Sep 6 at 2017 11:04 AM

SCPO Private RallyPoint Member — Wed, 06 Sep 2017 11:04:41 -0400

New Day USA is the absolute best. We have used them and are extremely happy.

Response by CSM Charles Hayden made Jun 27 at 2019 1:14 AM

CSM Charles Hayden — Thu, 27 Jun 2019 01:14:20 -0400

If you have not accumulated a down payment - whatever it might be - and saved for move-in costs, and have researched such matters - you are not QUALIFIED to buy a house. Please do some homework and educate yourself and your spouse a bit before entering in a ‘contract’ to purchase a house.

Steady!!! do not attack nor engage until you have completed a thorough recon of your objective?

Please understand your objective!

Response by Sgt Terry Proctor made Jun 28 at 2019 12:29 PM

Sgt Terry Proctor — Fri, 28 Jun 2019 12:29:17 -0400

When I purchased my home I found a pretty good price and offered the seller $5K over asking price if he would pay my share of closing costs. He agreed, VA financed 100% and I came away from the closing table with the keys and a check for $600. Good Luck!!

Response by SSgt John Wise made Jan 22 at 2020 9:39 PM

SSgt John Wise — Wed, 22 Jan 2020 21:39:28 -0500

I am not sure where some below got their loans from; I only had to put down 1%. What I am not seeing many speaking about, your disability rating does play a role when buying a house.

Response by Sgt Chris Cornejo made Jan 22 at 2020 10:04 PM

Sgt Chris Cornejo — Wed, 22 Jan 2020 22:04:02 -0500

New builders are very good at offering incentives to Vets. I got $12,000.00 knocked off the price of the home I am in now. The builder gave me a credit of $7,500.00 towards my closing cost which was just about all of it. If you purchase a home that is not new the closing cost can differ from state to state. When I purchased in California the buyer usually gets the seller to pay all or portion of your closing costs. I am in Arizona now and it is harder to get the seller to pay for the Vets closing cost. In the area that I am in now houses sometimes get more than the asking price and nothing below. If you offered a bid with paying your closing cost it more than likely would not be accepted. It happened to me on 2 homes that I liked. I ended up with the home that I mentioned above from a new builder. I hope this helped.

Response by SSgt John Wise made Jan 22 at 2020 10:31 PM

SSgt John Wise — Wed, 22 Jan 2020 22:31:49 -0500

Thrift savings home loan

Response by SSgt John Wise made Jan 22 at 2020 10:33 PM

SSgt John Wise — Wed, 22 Jan 2020 22:33:42 -0500

Often times, depending on the lender, they cover the down payment if needed, Lender credit.