VA loan down payment: Definition and requirements
Most VA loan borrowers don’t have to make a down payment. Here’s how to decide whether you should.
Laurie is an editor on Bankrate’s Home Lending team. She previously worked as a copy editor in the higher education space, including at BestColleges and Affordable Colleges Online. Prior to that, she worked in marketing and public relations at Binghamton University while earning her master's degree. She regularly writes a blog, Better By The Beat, to educate and empower the chronic illness community.
As an editor, Laurie’s universal goal is to create content that helps people cultivate and lead their best lives. When she's not editing for Bankrate, she enjoys reading, writing stories, blogging and exploring the beautiful outdoors of New York State.
Recently, my husband and I left behind the apartment life and bought our first house. One of my biggest tips for first-time homebuyers is to shop around and compare offers from at least three mortgage lenders. By doing so, we were able to lock in a lower rate with a local credit union offering a special deal, despite the high-rate environment. It's also helpful to draft a list of questions for each lender so you can easily compare your options and nail down the best fit for you. The homebuying process can seem overwhelming at times, but it's all worth it in the end when you get the keys to your new home!
Most VA loan borrowers don’t have to make a down payment. Here’s how to decide whether you should.
Some options if you want a house but your savings are small.
It could be a good deal, depending on how you think interest rates are trending.
When you get a mortgage, your lender places a mortgage lien on your property.
Many times, homebuyers turn to others to get enough cash upfront for a mortgage.
A home down payment is the part of a home’s purchase price you pay upfront.
A notice of default is the first legal step in foreclosure. If left unaddressed, you could lose your home.
Yes, shopping around can make a difference and save you thousands.
VA home loans come with generous terms. But don’t assume the lender is giving you a free pass.
Even if you owe more than your home is worth, there are options to refinance.
It means you almost have got that mortgage, but must do a little more to clinch the deal.
To buy a home after you sold one in a short sale, you need time, good credit and money down.
To get the right answers (and the right mortgage), you have to ask the right questions. And be ready to answer a lot, too.
Missing a few monthly mortgage payments can befall almost any homeowner.
Using Bankrate’s calculator can help you see the outcomes for different scenarios.
Although used interchangeably, deferment isn’t the same as forbearance.