Military veterans who want to buy a home don’t have to spend years scraping together a down payment. That helps make home ownership possible for scores of veterans and military families who might otherwise not buy a home.
Veterans can actually get loans with no down payment. All the veteran must do is pay a Funding Fee – and that fee can be rolled into the loan balance. So a veteran with very little cash can still get a mortgage.
The Funding Fee is based on the type of service and whether the veteran has obtained a VA loan before. For first time use, a regular military veteran will pay 2.15% for a zero down loan. For the same loan, a reserves or national guard veteran would pay a 2.4% funding fee.
For veterans who have previously had a VA loan, the funding fee is 3.3% for both service levels. Veterans can opt to pay a larger down payment to lower their funding fee amounts.
That is a great deal for veterans with a good job but not a lot of cash. They don’t have to wait months or even years to scrape together a down payment.
In future blog posts, we will review other great aspects of the VA loan program. For now, if you are a veteran or if you know a veteran friend or family member who wants to buy a home in Georgia, call or email me at Dunwoody Mortgage Service. We will discuss loan options and help you obtain all the great VA loan benefits you have earned with your service. We love serving military veterans. Delivering great loans with excellent service is a small way that we can say “thank you” to those who have served.
