No Down Payment Benefit on VA Loans

If you qualify, the option to not put down anything on the home at signing is available to VA home loan applicants. While certain fees and costs may still be required, BBMC is proud to help active-duty and former Service members secure the home they need without a down payment.

Favorable Credit Benefits for VA Loan Applications

Among the basic requirements to start your application, you’ll need to provide BBMC with access to check your credit history. The benefit of a VA loan is that all VA-eligible applicants aren’t held to as strict of credit requirements – that isn’t to say they don’t exist, however. For more information on credit score requirements, contact your BBMC Banker.

Of the 20+ million active duty service members and veterans with mortgages,a 2014 report shows less than 12% are utilizing their VA mortgage benefit*.

Federal Guaranty Benefit on all VA Home Loans

Traditional lending packages require homeowners to purchase private mortgage insurance (PMI) if they offer less than a certain percentage of a down payment. VA loans are guaranteed by federal lending agencies, meaning you won’t be required to purchase or finance PMI at the time of closing. This is another way BBMC shows our support for our nation’s Service members and Veterans looking to buy a home.

Exclusive Streamline Refinance on VA Home Loans

Most conventional and FHA loans are equipped with streamline refinance options to eligible applicants. VA home loans are no different. Often referred to as IRRRL, the Interest Rate Reduction Refinancing Loan is exclusive to all VA home loan purchases.

Some key highlights include:

  • No additional appraisal (and associated costs)
  • Eliminating certain lender processing fees
  • Bundle your VA home loan into the package you want

Call or visit our VA Refinance page to learn more about the IRRRL.

Learn More about VA Loan Benefits

Call or click to speak to a VA Loan Specialist at BBMC Mortgage. Our professional team of VA experts will be more than ready to help you learn about all the VA loan benefits available to you!

Regulations and Fees

While the VA refinance loan is a federal program, the government generally does not make direct loans to applicants. Private lenders, including BBMC Mortgage, finance the loan while the Veteran's Administration offer an insurance guaranty. This guaranty provides an incentive for private lenders to offer loans with better terms, and protects them in the event of a customer default.

Loan Limits
In most parts of the country, applicants who qualify for the VA Loan can purchase a home worth up to $417,000. To find out the VA Loan Limit in your area, give BBMC a call at 1-800-24-RATES.

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*According to a 2014 report on Department of Veterans Affairs loan guarantee data.