5 ms·

VA Loan? No money down.

by leed25d 3y ago

LemUhuru 3y ago
"No money down" - Sounds too goo to be true, doesn't it?
- breckenedge 3y ago
  No, it’s how a lot of people get their start. There’s also the FHA loan where people put down 3.5%.
  - DamnYuppie 3y ago
    Difference is VA loans do not pay PMI.
- leed25d 3y ago
  That's how I bought my house. No money down, 2.65% mortgage
- appplication 3y ago
  It’s absolutely not to good to be true, it’s one of the best benefits available to veterans. I actually got paid to close with my VA loan (basically a negative down payment). This was a few years ago so the market was different, but it wasn’t uncommon to request e.g. some percent of the purchase price as seller concessions. If the total down payment is 0, anything over closing costs can get paid out to you.
silverquiet 3y ago
Do you have to be a veteran to get a loan from the VA? If so, what about people like me who weren't in the military? Especially people like me who were never eligible to even join the military because of a childhood illness?
- leed25d 3y ago
  [flagged]
  - silverquiet 3y ago
    I was told it was an all volunteer force, and not in the sense of unpaid volunteer work either. I just think that socialized home ownership and healthcare are good enough that we should provide them to all citizens, not just those who were in the military.
    - Spooky23 3y ago
      VA loans aren’t magic. People who get out of the service are often at ends due to issues specific to transitioning out of the military. The serve at the pleasure. You can get similar loans from FHa and others.
    - mapster 3y ago
      VA loan is for military and veterans only. It’s a perk for military service, of which there aren’t many. As a vet I’ve used it twice, though I support the program being wider to cover other national service like Peace Corps etc.
      - silverquiet 3y ago
        Subsidized loans, healthcare, and education - the three most expensive aspects of trying to live in America today. Hardly seems like the perks are lacking. Here[0] is the 59 page document of medical issues that are disqualifying. I'm 6.18.d.11. I suppose it's 7 year old me's fault for getting a rare disorder. [0]https://www.esd.whs.mil/Portals/54/Documents/DD/issuances/dodi/613003_vol1.PDF?ver=7fhqacc0jGX_R9_1iexudA%3D%3D https://www.esd.whs.mil/Portals/54/Documents/DD/issuances/do...
- breckenedge 3y ago
  Look into FHA loans.
- 3y ago
vinyl7 3y ago
I'm not sure I understand the whole no money down thing. If you put less money down, then that means that the monthly payment is higher? That's really what's making homes unaffordable. If you can't put 10-20% down or whatever is recommended, then maybe the house just isn't affordable.
- giantg2 3y ago
  The down payment is actually a big issue for many. You can be making enough that you could afford the higher payment, but waiting 5 years to build a down payment could see huge price surges, thus extending how long you need to save.

VA Loan? No money down.

LemUhuru 3y ago

"No money down" - Sounds too goo to be true, doesn't it?

breckenedge 3y ago
No, it’s how a lot of people get their start. There’s also the FHA loan where people put down 3.5%.
- DamnYuppie 3y ago
  Difference is VA loans do not pay PMI.
leed25d 3y ago
That's how I bought my house. No money down, 2.65% mortgage
appplication 3y ago
It’s absolutely not to good to be true, it’s one of the best benefits available to veterans. I actually got paid to close with my VA loan (basically a negative down payment). This was a few years ago so the market was different, but it wasn’t uncommon to request e.g. some percent of the purchase price as seller concessions. If the total down payment is 0, anything over closing costs can get paid out to you.

silverquiet 3y ago

Do you have to be a veteran to get a loan from the VA? If so, what about people like me who weren't in the military? Especially people like me who were never eligible to even join the military because of a childhood illness?

leed25d 3y ago
[flagged]
- silverquiet 3y ago
  I was told it was an all volunteer force, and not in the sense of unpaid volunteer work either. I just think that socialized home ownership and healthcare are good enough that we should provide them to all citizens, not just those who were in the military.
  - Spooky23 3y ago
    VA loans aren’t magic. People who get out of the service are often at ends due to issues specific to transitioning out of the military. The serve at the pleasure. You can get similar loans from FHa and others.
  - mapster 3y ago
    VA loan is for military and veterans only. It’s a perk for military service, of which there aren’t many. As a vet I’ve used it twice, though I support the program being wider to cover other national service like Peace Corps etc.
    - silverquiet 3y ago
      Subsidized loans, healthcare, and education - the three most expensive aspects of trying to live in America today. Hardly seems like the perks are lacking. Here[0] is the 59 page document of medical issues that are disqualifying. I'm 6.18.d.11. I suppose it's 7 year old me's fault for getting a rare disorder. [0]https://www.esd.whs.mil/Portals/54/Documents/DD/issuances/dodi/613003_vol1.PDF?ver=7fhqacc0jGX_R9_1iexudA%3D%3D https://www.esd.whs.mil/Portals/54/Documents/DD/issuances/do...
breckenedge 3y ago
Look into FHA loans.
3y ago

vinyl7 3y ago

I'm not sure I understand the whole no money down thing. If you put less money down, then that means that the monthly payment is higher? That's really what's making homes unaffordable. If you can't put 10-20% down or whatever is recommended, then maybe the house just isn't affordable.

giantg2 3y ago
The down payment is actually a big issue for many. You can be making enough that you could afford the higher payment, but waiting 5 years to build a down payment could see huge price surges, thus extending how long you need to save.