100% VA Loan Program for Honorably Discharged VeteransUpdated December 8, 2021
100% VA Mortgage Loan for Honorably Discharged Veterans with Certificate of Eligibility and DD214 Documentation. This program can be combined with the Salute to Soldiers Down Payment Assistance program to pay Closing Costs!Program Features:
- No down payment as long as the sales price doesn't exceed the appraised value.
- No First Time Home Buyer requirement.
- Lower FICO 5-4-2 version credit scores possible.
- Can be combined with first time home buyer grants such as Florida Bond, Salute to Soldiers and FHLB (Federal Home Loan Bank) down payment assistance programs.
- One-time VA Funding Fee required. VA Funding Fee higher the second time the VA Loan is used.
- VA Funding Fee takes place of Upfront Mortgage Insurance, No private monthly mortgage insurance premium requirement.
- If Veteran was partially or fully disabled, VA Funding Fee is generally waived.
- Property tax on home may also be exempt in some cases.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- No Prepayment Penalty Fee if loan is paid out early
- Lender credit available.
- VA may be ayble to provide assistance if you run into difficulty making payments.
- You can reuse the VA mortgage benefit, but the UpFront Mortgage Insurance cost is higher the second time you use this benifit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies to purchase the property.
- Must have Certificate of Eligibility and DD214 form.
- Primary Residences only