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Profile picture for 9999usmc

Military

I am a first time home buyer without or little down payment and great credit.  I'm also active duty military.  Can I buy a home with 0$ down and only come out with paying for things like home inspection, appraiser etc?



  • January 04 2009 - Tierrasanta
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Answers (7)

Profile picture for wetdawgs
It is possible you will be eligible for a VA loan with 0% down.

When buying, it is always prudent to have an emergency fund for at least six months expenses before signing on the dotted line.  
  • January 04 2009
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Joe,please click on this link for more information: www.homeloans.va.gov .... Good luck!
  • January 04 2009
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Profile picture for FairfaxJoe
Maybe. Talk to a lender and ask them about their FHA programs.  Joe
  • January 04 2009
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If you're looking for $0.00 down and you are military then VA is the way to go. First thing you need to do is contact the VA and obtain your "certificate of eligibility". From there you then need to get preapproved before you start looking for a property.
  • January 04 2009
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Profile picture for Ken Kopper
Joe, I would suggest posting a loan request here on Zillow and making a note that you are looking for a VA loan. VA guarantee allows for 100% financing up to $417k, over $417k you will need to make some sort of down payment.

Most lenders will be able to access your VA Certificate of Eligibilty directly online via the VA portal in a matter of minutes.
  • January 04 2009
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Profile picture for 9999usmc

Thanks for the information.  So the only thing I would have to pay would be closing cost or could that be put on top of the loan as well?  I know there are other costs like inspection, etc. that I will have to pay.


  • January 04 2009
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As a first time homebuyer, you are eligible for the VA loan being active duty.  As long as your credit is good, 100% financing is allowed up to a base loan of $417,000.
You will have to pay appraisal fee and closing costs.  Much of the closing costs can be also paid via seller credit depending upon the negotiations during the sales contract.
  • January 04 2009
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