There is no VA Zero Down Loan Limit!
There is no VA Zero Down Loan Limit! So long as you have full VA entitlement available – you do not have an existing VA Home Loan, and you qualify from an income and credit perspective, you can purchase a $2,000,000 house with zero down, the sky is the limit! This is one of the many provisions included in the Blue Water Navy Veterans Act that went into effect on January 1st, 2020.
VA Purchase Home Loans
VA loans are exclusively available to those who meet certain criteria after serving our country. Surviving spouses of military members who died in the line of duty (or died from a service-related disability) may also be eligible. VA loans can be used for both purchasing and refinancing qualifying real estate. Qualifying Veterans can take advantage of the VA Loan benefit including:
- 100% Financing
- Jumbo Loan Options
- No PMI (Private Mortgage Insurance)
- Great Rates (typically better than conventional loans)
- Reduced costs if more than 10% disabled
- No Prepayment Penalty
- Active Duty, Reservists and Retired all welcome to apply
- Rapid Closings (typically 30 Days or less)
- VA loan benefit not limited to single use
- 1-4 Units OK if Owner Occupied
- Purchase or Refinance
- Perfect Credit Not Required
- Streamline Refinances with no appraisal
To apply for a zero down VA Home Loan and find out more about whether you qualify call one of our Boise VA Home Loan Specialists at (208) 287-1705 or get started online.
FHA Loans
The Federal Housing Administration offers loans with down payments starting at 3.5% and are designed for low-to-moderate income borrowers who are unable to make large down payments. In comparison the VA loan, FHA requires the borrower to pay both monthly mortgage insurance as well as upfront mortgage insurance.
Our Boise VA loan experts are well versed in FHA loans as well as VA loans. Contact us at (208) 287-1705 or get started online, if you would like to compare the FHA mortgage to the VA Mortgage.
USDA Loans
USDA Loans are also known as Rural Development Loans and are administered by the U.S. Department of Agriculture. While this program is also a zero down program much like the VA loan, it is only offered for qualifying properties in designated rural areas. In comparison the VA loan, USDA requires the borrower to pay both monthly mortgage insurance as well as upfront mortgage insurance.
Our Boise VA loan experts are well versed in USDA/RD loans as well as VA loans. Contact us at (208) 287-1705 or get started online, if you would like to compare the USDA mortgage to the VA Mortgage.
Conventional Loans
Conventional loans are mortgages that are not guaranteed or insured by any government agency including the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), or the Department of Veterans Affairs (VA). They typically require 3-5 percent down payment at a minimum. Private mortgage insurance is often charged on conventional loans for borrowers who have less than 20 percent down payment.
Our Boise VA loan experts are well versed in Conventional loans as well as VA loans. Contact us at (208) 287-1705 or get started online, if you would like to compare the Conv mortgage to the VA Mortgage.
Jumbo Loans
A jumbo mortgage is a type of financing for borrowers purchasing more expensive homes who need loan amounts that exceed the conforming loan limit. You can see our page on Loan Limits to determine if this is the type of loan you might need. Both conventional loans and VA loans offer jumbo loan options.
Our Boise VA loan experts are well versed in Jumbo loans as well as VA loans. Contact us at (208) 287-1705 or get started online, if you would like to compare the Jumbo mortgage to the VA Mortgage.
Bridge Loans
A bridge loan helps home sellers cover the interval between two transactions, typically the buying of one house and the selling of another. You will typically need a large amount of equity in the home you are selling in order to take advantage of a bridge loan.
Our Boise VA loan experts are well versed in Portfolio loans as well as VA loans. Contact us at (208) 287-1705 or get started online, if you would like to compare the Jumbo mortgage to the VA Mortgage.
Renovation & 203(k) Loans
Renovation loan programs allow buyers to borrow based on what a home is expected to be worth after a renovation project has been completed. It allows buyers to purchase homes and fix them up after closing. Renovation refinance loans are also available for homeowners who want to renovate their existing home. There are both conventional and FHA renovation loan programs.
Our Boise VA loan experts are well versed in Renovation and 203(k) Mortgages. Contact us at (208) 287-1705 or get started online, if you would like to compare the Renovation mortgage to the VA Mortgage.
Reverse Mortgages
Reverse mortgages are loans available to older homeowners that requires no monthly mortgage payment. Borrowers are still responsible for paying property taxes and homeowner’s insurance. The program was established to help retirees with limited income use the accumulated equity in their homes cover basic living expenses. Some borrowers also qualify for monthly income options and line-of-credit options.
Our Boise VA loan experts are well versed in Reverse Mortgages. Contact us at (208) 287-1705 or get started online, if you would like to compare the Reverse mortgage to the VA Mortgage.
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