Veterans, should you be putting money down?
Updated: Jan 28, 2022
Did you know... Veterans have their own type of loan that allows them to get a home with no initial cost, except maybe closing cost? ..as in no down payment!
WAIT! But in 2007 no down payment loans were bad, right?
Very Different.
VA Loans are a special benefit for Veterans and active duty military. These loans do not require down payment, PMI, MIP, and have very low fees. It's an amazing program for our military.
Even if they don't have to, should a Veteran ever put money down?
Possibly. The main reason would be to lower their Funding Fee. Depending on the Veteran the funding fee can be anywhere from 2.3% to 3.6% If the Veteran puts money down the funding fee % goes down.
They can pay it upfront.
The seller can pay it.
Or they can choose to finance it into the loan.
Does a Veteran Always have to pay a funding fee?
No
In some cases because of a % of disability, the Veteran could be exempt from a part or all of the funding fee.
Are you a Veteran and would like to discuss your options for a VA loan? Click Here to find a loan officer to discuss your goals. I'm not a Veteran, but I would like to know what my low/no down payment options are. Great, here are some options for you.