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October
13
13
Should Veterans Ever Make a Down Payment?
From the Community Mortgage Blog
VA loans have amazing benefits for veterans.
Rightfully so, our nation's heroes deserve easy access to financing a brand new home.
One of the benefits of being approved for a VA loan is the lack of a down payment requirement.
Veterans do not have to make a down payment, which is great since a lot of people struggle with saving up for a new home.
However, are there benefits to making a down payment?
Should veterans ever consider this option?
Any veteran that wants to lower their funding fee can make a down payment.
This is simply a one-time fee used to lower the cost that U.S. taxpayers have to make to fund the VA loan program.
By not making a down payment, the funding fee is rolled into the mortgage.
By making a down payment, you can take care of the funding fee and shorten the term of your mortgage.
This means you can build equity faster and pay your home off quicker.
For first-time homebuyers, the funding fee is usually up to 2.3% of the total home price.
For subsequent homebuyers, the funding fee can soar to 3.6%!
Now, there is a way for the funding fee to be waived.
That depends on the veteran's disability percentage.
You can find this info on the Certificate of Eligibility you receive from applying for a VA loan.
To properly assess your options and determine whether it'd be best for you to make a down payment or not, you should speak to one of our loan officers.
Give us a call today at (901) 759-4400 to be paired with one of our loan officers to learn more.
Crye-Leike is a full-service real estate company founded in Memphis in 1977. Today it is ranked #4 in the nation and the largest real estate company serving markets in Tennessee, Arkansas, Georgia, Mississippi. Crye-Leike has a network of more than 2,800+ licensed sales associates, 600+ staff members and over 130+ branch and franchise offices located throughout a seven state region of Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, and Tennessee. Crye-Leike also has a franchise location in Puerto Rico.
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