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.
But be careful, lest a strategy end up costing you more in the long run.
Paying all-cash saves you money and time, but getting a mortgage has financial benefits too.
If you want to borrow from your homeownership stake, these are the factors lenders will judge you on.
Predatory lenders employ many tactics. Here’s what to watch for.
Yes, you can get financing, even if you’re not the most creditworthy candidate.
It can help the unconventional borrower get a home, but at a high cost — and default risk.
If you’re applying for a mortgage, your lender may require a warranty deed.
A mortgage lender credit gives you a break on closing costs, but it isn’t free money.