VA benefit question #1. The question is: Do I have to put a down payment on a VA loan? The answer to that question is no. Unlike loans such as FHA and conventional that require a minimum of 3.5% down a VA loan is 100% financed.
You'll also take advantage of the fact that there's no PMI or private mortgage insurance attached to a VA loan. With 5% down PMI could cost the homebuyer an additional $150 a month on a $250,000 home loan. If you're considering purchasing a home using your VA eligibility, and would like a recommendation to a VA approved lender, please reach out to me at 229-834-0946. I'd love to connect you with one of our preferred lenders.