Buying a Home with a No Money Down VA Loan

By Michael Winston • June 13th, 2011

No money down loan options are much slimmer pickings than they used to be.  However, VA home financing options still offer veterans the opportunity to buy a home when they need it. Current VA mortgage rates are lower than ever, with some as low as 4.375%. 100% financing home loans are almost nonexistent today simply because of the mortgage industry crisis and the recession, but the VA home loan program offers a few unique options for people who want to get more from their home loan for less. The VA loan program is unique because you must have a military background.

Before you invest in no money down loans, you have to think about your options. The best way to do things is to find a lender or broker that you can talk with so that you can explore all of your options, learn the ropes and understand exactly what you have to choose from. VA is flexible with credit, which is more than many lenders can say these days. The rates that you can get for military home financing are really low in most cases and you can often find 30-year fixed VA rates as low as 4.375%.

When you need a VA home buying loan, you don’t have to look very far. In terms of flexibility and availability, these are some of the easiest loans to find today. While other lending programs and loans are tightening their restrictions, this program is making sure that military members and veterans have housing when they need it.  The zero down home loan program is only available in a few places these days and VA loan program is one of those places. You can find great rates with no money down and even have potentially bad credit, and still be given the home loan that you need.

A no money down mortgage is a great solution for most people who have nothing saved because of the state of the economy. If you qualify for VA home loans, you have plenty to choose from. It will be up to you to find the right loan for your needs, but they are out there. Talk to a lender today about your credit situation and other elements so that you can see just how many options you have for buying a home within the VA home loans program. You might be surprised at what you find, and if nothing else you will get a home for your family that you might not have thought possible.

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Comments

I am really thankful to Nationwide for their commitment to aggressive loan programs for 1st time home buyers. It is not easy to get approved for a mortgage today, but their loan officers have the experience to make it happen. Please keep posting the articles that promote home ownership!

 

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