Zero Down VA Loan

Purchase Your Next Home with Zero Down Payment with a VA loan

If you are a US military veteran, or if you are currently serving our country and have been on active duty for a minimum of 90 days, you could qualify for a VA Loan. With the special benefits, a VA Loan provides almost the best choices of financing available to eligible borrowers.

The Veterans Administration does not actually lend money. They work with mortgage lenders to guarantee the homes loans in the event that the VA homeowner forecloses, the VA will reimburse the mortgage lender all or portion of the mortgage owned.
This guarantee enables lenders to provide loans to borrowers who may not qualify for other conventional loans.

VA LOANS ADVANTAGES

The number one reasons to finance your homes with a VA loan is “zero down payment”. With a VA loan, you do not need to come up with a down payment. You can finance up to 100% of your home purchase with a VA loan. That means you save many years to save up money as down payment.

VA loans generally have lower interest rates than most conventional loans, which means affordable monthly payments.
With a conventional mortgage, a borrower who does not put at least 20% down payment, is required to pay VA loans do not require to pay private mortgage insurance, or PMI. So with a VA loan, this translates into monthly savings of $200 - $400 a month.

With a VA loan, eligible veterans can easily save up to $2,000 in closing cost as many closing fees are waived.

VA LOAN LIMITS

The maximum VA loan amount (with no down payment) is determined by average home prices in each county. In Hawaii, the maximum amount with no down payment is $721,050 for Oahu, $713,000 for Kauai, $657,800 for Maui, Lanai and Molokai, and $625,500 for Big Island.

You may also qualify for a VA loan of up to $1.5 million if you are willing to make a small down payment.

ELIGIBILITY

If you enlisted or entered service before September 7th, 1980 you may be eligible for the VA Loan program if you served at least 90 days in wartime or 181 days in peacetime.

If you enlisted after Septem 7th, 1980 or entered service as an officer after October 16th 1981, you would have to serve at least 24 consecutive months (or the full period called to active duty not less than 90 days in peacetime or 181 days in wartime) to qualify for a VA loan.

Reservists in Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps Reserve and Air Force Reserve are also eligible. At least 6 years of service, can be non-consecutive, are required.

OCCUPANCY REQUIREMENTS

Unlike conventional loans, VA loans are only for primary residences. The Veterans should be prepared to move into the new home within 60 days after the loan closing.

Download the VA Loan Guide below for details: