Do VA Loans require zero down payment?
Yes, they certainly can be. As a matter of fact, if performed correctly, an eligible veteran can put nothing down and have ALL of his/her closing costs paid by the lender or seller. Most areas have a zero down payment option capped at $417,000. To purchase above that amount requires 25% of the difference (i.e. 25k down on a 517k purchase). However, there are “high cost” counties where one can purchase even higher without any down payment. For 2016, San Diego has a zero down limit of $580,750. Click Here for a complete list of the zero down limit of every high-cost county in California.
The Chapman Lending Team at HomeBridge Financial is honored to help dozens of veterans utilize their VA home loan benefit each and every year. We ARE NOT a call center. Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.
Other VA Loan Questions:
- Am I eligible for a VA loan?
- How do I qualify for a VA loan?
- What are the benefits of a VA loan?
- Are VA loans zero down payment?
- What is the VA Loan Limit?
- How much house can I afford with a VA loan?
- Can you pay off debt with a VA Loan?
- How do I get my VA Loan certificate of eligibility?
- What and how much is the VA funding fee?
- What is the VA Interest Rate Reduction Refinance loan (IRRRL)?
- Can I include my non military/veteran spouses income for a VA loan?
- Can I use a VA loan for a multi unit property (up to 4 units)?
- Can I refinance 100% of my home’s value with a VA loan?
- What are the closing costs for a VA Loan?
Semper Fi, Dan Chapman
Please enjoy the series of articles, and contact me with any questions at all.
About the author: Dan Chapman is the branch manager at HomeBridge Financial Services in North County San Diego, CA. HomeBridge performs VA loans in 46 states. Dan is a Naval Academy graduate, served as a Captain (O-3) in the Marine Corps, and is a Operation Iraqi Freedom veteran. He has been focused on helping active duty military and veterans attain the dream of home ownership since 2007. He is actively involved in several local veteran causes and performs VA loan seminars throughout greater San Diego on a monthly basis. For a free consultation, please contact us anytime.