The VA mortgage loan program allows veterans and military personnel with qualifying income and credit to purchase their home without a down payment. Most mortgage programs, such as FHA and conventional loans, require at least 3.5 percent to five percent down.
On VA loans, the federal guarantee takes the place of the down payment. Since a portion of the loan is backed by the government, there’s no need for an additional down payment.
This is incredibly fortuitous for military buyers without deep cash reserves. This is probably one of the best advantages of getting a VA loan.
This means the VA home loan will equal the sales price of the home.
Find out if you qualify for a VA Loan by starting the application process at: VA Home Loan Tampa.