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Veteran Affairs Loan

As a Veteran you may qualify for a VA guaranteed mortgage loan. A VA-guaranteed loan means that a Veteran may purchase a home with no down payment. Additionally, closing costs, pre-paids and other "costs" may be negotiated with a Seller, to be paid by the Seller. In essence, Veterans may purchase a home without money of their own.

You are considered a Veteran, regardless of whether you are currently on active duty, honorably discharged or retired from the military.

The Veterans Administration does charge a fee, called the VA Funding Fee (VAFF), for you to obtain VA financing. The first time use charge is 2% of the sales price. For second and subsequent uses the VAFF is 3% of the sales price. A portion (or all) of the VAFF may be waived for disabled Veterans.

Current guidelines allow that up to 41% of your total gross income may be used for both housing and debt. When calculating "total gross income" you may include spousal income, child support and maintenance (expected to continue for at least 3 years), 2nd job income (when a history of a 2nd job can be established for a minimum of 2 years), retirement income, income generated from investments, etc.